Paragon Bank has provided a £29.6m development finance package to Tribe Student Accommodation to fund its 267-bed PBSA scheme in Southwark.
The Old Kent Road development ranges from 10 to 12 storeys in height, with 2,800 sq ft of retail/restaurant space on the ground floor.
The rooms will be a mix of cluster rooms and studios, and the scheme will also provide communal lounges, study space, roof garden and pocket park.
Tribe’s development is located on a site previously occupied by a KFC outlet. Works have already commenced and the scheme is expected to be complete for the 2024-25 academic year.
The scheme utilises Paragon’s stabilisation facility, which provides an 18-month period post-completion of the development for the scheme to “season” with student occupancy for up to two academic years.
Demand for student accommodation in the area is growing, alongside the broader redevelopment of the Old Kent Road area.
Laurence Quail, Tribe director, said: “This development will provide much-needed student accommodation for some of the capital’s largest universities. The Old Kent Road is undergoing significant redevelopment and this scheme is part of a wider programme that will upgrade the area.”
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