Unite Students, the developer of student accommodation, will provide a home for 836 students, due to be completed for the the 2016/17 academic year.
The Greetham Street site is being acquired from Portsmouth City Council. The development represents a £42 million investment, and is projected to have a development yield of 9.5%.
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Richard Simpson, Managing Director of Property for Unite Students, said: "We are very pleased to have received planning for this development in a prominent city centre location in Portsmouth. The acquisition forms part of our regional development strategy where there is a growing demand for student accommodation. This year we have seen university applications continue to outstrip available places and there is a growing need for safe, secure purpose built student accommodation."
(CD/IT)
