£25m deal to bring 300 student bedrooms to Lincoln
Over 300 student bedrooms are set to be built in Lincoln after a £25m deal was completed to bring forward the redevelopment of a city centre site.
Developer Blocwork will build the student accommodation on the site of 179 High Street.
The development includes a three to nine storey main block to create 250 bedrooms with a gym, shops and restaurants. A second, six-storey annexe block will include a further 51 bedrooms. The two blocks are being built parallel to the railway and linked by a footbridge.
A legal team from Shulmans handled the site acquisition and forward funding in favour of Legal and General, alongside establishing a joint venture company to deliver the development and exchanging an agreement to pre-let the building to the University of Lincoln. Kate Johnson, associate in the Shulmans commercial property team, led the team with Jayne Smiles leading on the construction elements.
Kate Johnson said: “It is fantastic to see this level of investment in Lincoln. The contemporary, design-led scheme will meet the increasing demand for affordable, sociable and fully-furnished student accommodation. It will greatly enhance the current accommodation facilities of the University of Lincoln.”
Richard Thomas, development director at Blocwork, said: “We are delighted to have completed the University of Lincoln accommodation deal. The Shulmans team have been incredibly proactive in providing timely and invaluable advice, guiding us through the complicated legal and commercial issues associated with developing and funding a site in such close proximity to a busy train line in very tight timescales given the imperative to deliver the scheme in time for the new student intake in autumn 2019.”