Student accommodation specialist The Unite Group has bought a 1.8 acre plot in Edinburgh for a £38m development.
The site is on St Leonard's Street in the city centre, close to the University of Edinburgh. It is currently occupied by an 8,000 square foot retail unit, which will be refurbished within the plans. The scheme is anticipated to be made up of shared flats with communal living and kitchen spaces, and self-contained studios, over five storeys. The property design will be in keeping with surrounding buildings, Unite said.
Subject to planning and funding agreements, it is expected that the scheme will be completed by autumn 2016.
This is the third project to be funded from Unite’s June 2013 share placing following the acquisition of sites in Newcastle and Aberdeen in recent weeks.
Richard Simpson, managing director of property for Unite, said: "We are delighted to announce the acquisition of this new site in the Scottish capital, presenting a rare chance to develop student accommodation in a prime central location.”