Student accommodation builder Unite has exchanged contracts with Portsmouth City Council, on a subject to planning basis, to acquire a new development site in Portsmouth.

It is envisaged that the Chaucer House site on Isambard Brunel Road will provide a home for around 480 students while helping the local economy and boosting the trades.

The development is expected to achieve returns in line with Unite’s targets for regional development and is anticipated to be delivered by 2018. Total development costs, including the cost of the land, are expected to be around £30 million.

Richard Simpson, Managing Director of Property for Unite Students, said: “The acquisition demonstrates our ability to continue to secure high-quality sites in line with our target returns.

“Unite has a strong understanding of the market in Portsmouth and a very positive working relationship with the City Council which has been built over a number of years.

“Students continue to be important contributors to the local economy and this new development will help to meet the high demand for student accommodation in the city.”