Specialist development finance lender Atelier has agreed a finance facility for a purpose-built student accommodation scheme in Bristol.
The £5.38m loan will allow Rengen Developments to refurbish and convert Hanover House, a Grade II listed office building into a 26-bed PBSA scheme comprising a flat and 25 self-contained studios.
This project is scheduled for completion in time for the September academic intake.
Matt Measures, senior investment manager at Atelier, said: “This is the seventh scheme we have worked on with our client, Rengen and we are equally pleased to continue to support this well-established PBSA developer in the South West.”
A recent report by Savills found the student-to-bed ratio in Bristol is 3.6 students for every PBSA bed.
Image © JLL
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