Summary:
- Unite Students has cancelled its £147 million, 605-bed Paddington PBSA scheme after securing London Mayor approval but facing financial non-viability, resulting in a £10 million write-off in planning costs, and deferred its 500-bed Freestone Island Bristol project to explore options for better value, freeing up around £55 million in capital.
- Despite a slower start to the 2026/27 sales cycle, Unite’s CEO Joe Lister confirmed the business remains on track to meet occupancy guidance of 93–96% and rental growth of 2–3%, supported by sustained demand from university partners for quality, affordable student accommodation.
- Unite announced a £100 million share buyback funded initially by reduced off-campus development, reflecting a strategic shift amid regulatory delays and tougher scheme economics, with a focus on capital discipline and operational performance to drive earnings growth from 2027.
Original article:
https://www.showhouse.co.uk/unite-scraps-paddington-scheme-and-delays-bristol-project-delivery/news/
