Unite, a prominent student accommodation provider listed on the London Stock Exchange, has forged a significant joint venture agreement with Newcastle University. This partnership aims to reshape the student housing market by constructing 2,000 new student beds. This move is a timely response to the growing demand for high-quality student housing.
As part of the agreement, Unite Students, a subsidiary of Unite, will work closely with Newcastle University to develop this ambitious accommodation project. The venture involves the redevelopment of the university's existing Castle Leazes accommodation, with plans to start demolition in 2024. This aligns with the university's goal to provide modern, comfortable, and convenient living spaces for its students.
The redevelopment project has a budget of £250 million and is expected to be completed by 2027-2028. Joe Lister, Chief Executive Officer of Unite Students, expressed enthusiasm for the collaboration. He stated that it underscores their commitment to support universities in addressing the pressing accommodation challenges faced by students.