The JV will develop the beds at the university’s Castle Leazes site in Newcastle for delivery in 2027 and 2028.

The Castle Leazes site currently provides c.1,250 beds and was built in 1969.

Newcastle University will close the existing accommodation on the site and commence demolition in the summer of 2024.

Joe Lister, Unite Students CEO, commented: “Partnering with Newcastle University to redevelop Castle Leazes and deliver 2,000 beds of affordable accommodation for students is a hugely exciting step for Unite Students.

•   The Finance Professional Show 2023: The Video
•   Shawbrook development finance team hits £2bn in funding
•   Company founded by former Greenpeace directors gains planning approval for sustainable neighbourhood project

“The partnership will provide further support to Newcastle University in meeting their accommodation needs at a time of real housing shortage, so that they can focus on providing a world-class experience for their students.”

Nick Collins, executive director of finance at Newcastle University, added: “We are delighted to partner with Unite Students to redevelop Castle Leazes.

“This JV will provide high-quality, affordable accommodation for our students and help us continue to attract students from across the UK and around the world to Newcastle University and our city.”