Specialist finance provider Assetz Capital have originated their largest funding package to date – a £13.26m development facility to experienced student accommodation developers in the East Midlands. The loan will be used to transform a former three storey retail store located in the heart of Northampton town centre, which has been vacant for some time, into a new purpose-built student accommodation (PBSA) property.
The existing building will be demolished and the PBSA development will be built from the ground up. The scheme will deliver 201 student apartments, study pods, a gym, laundry facilities and a lower ground retail space.
“We continue to support development of PBSA, BTR and traditional large scale development. With PBSA alone Assetz Capital has provided over £48.9m funding the construction of over 790 beds across the UK. We are delighted to have supported the customer on their growth journey.”Andrew Fraser, Chief Commercial Officer , Assetz Capital
PBSA in Northampton town is fairly scarce as the University of Northampton is relatively new. The developer of the scheme hopes to help address the housing supply for both local and international students looking to study in the town. Along with regenerating the area, the scheme will provide much needed accommodation services to students.
“This is the second scheme we have supported the connection with, having completed a similar facility in Leicester city centre in 2021. The vision and spirit of the company to take a vacant property and assist the town by creating vital accommodation for its students is exactly the sort of proposal we exist to fund. I can’t wait to see the finished property full of happy students.”Neil Roper, Regional Director for UK Midlands
Assetz Capital have completed numerous accommodation projects across student hotspots around the East Midlands and beyond – including Nottingham, Leicester, Sheffield and Manchester. The lender takes a pragmatic approach to supporting developers and housebuilders who are looking to address the lack of supply in important sub-sectors of property funding – such as student living and healthcare.