Unite Students agrees to acquire Leeds city centre site in £10.5m deal

Unite Students, the manager and developer of student accommodation, has exchanged contracts to acquire a development site in Leeds for £10.5m on a subject to planning basis.

London & Scottish Property, asset manager to Regional REIT Limited, is selling the the property.

The 21,000 sq ft site, which currently provides leisure accommodation over two levels, is located in the city centre near to the University of Leeds and Leeds Beckett University. It will provide a home for over 1,000 students.

The site was acquired by Regional REIT in March 2016 as part of the Wing Portfolio together with the adjacent 19-storey Arena Point office tower.

The sale sees Regional REIT retaining the 77,000 sq ft Arena Point office tower.

The group continues to invest in the refurbishment of the remaining floors, having recently let the 6th and 7th floors to Interserve.

Stephen Inglis, chief executive of LSI and director of Regional REIT, commented: “While we continue to invest in the office development at Arena Point, we saw an opportunity to realise a circa £9m profit from the adjacent underdeveloped element of the site.

“Unite’s development will be complimentary to our continuing investment in Arena Point, an area undergoing significant regeneration.”

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