Student accommodation provider completes Stoke project after new funding support
A STUDENT accommodation provider has transformed an empty building in Stoke-on-Trent into a block of new apartments after securing a new funding agreement.
Staffordshire-based student accommodation provider, 10 Woodhouse Street Ltd, converted the building on Woodhouse Street which had been vacant for several years after the printing company which purchased it in the 1980s moved out.
It completed the work after securing a £190,000 funding agreement from Lloyds Bank Commercial Banking through the Bank of England’s Funding for Lending Scheme.
The previously derelict building has been transformed into five suites which will provide accommodation for 16 students.
Keith Eastelow, company director of 10 Woodhouse Street Ltd, said: “The company was set up last year by myself and co-director Brendan Quigley with a view to meeting demand for more student accommodation in the Stoke-on-Trent area. We approached Lloyds Bank Commercial Banking for financial support when we had found a suitable building for our first project, and the idea is to offer students something different from the traditional, more basic student accommodation.
“The apartments have proven to be very popular with students from both Staffordshire and Keele universities and will be at full occupancy when the new university term commences. We are looking forward to taking on similar student accommodation projects in the near future and seek to acquire buildings with enough room for at least 10 students in each.
“We put our own funds into the development but it would not have been possible without the support from Lloyds Bank Commercial Banking.”
Peter Smith, relationship manager for SME banking at Lloyds Bank Commercial Banking, said: “We were happy to be able to provide funding support to 10 Woodhouse Street Limited for this project as the development has breathed new life into an otherwise unused building whilst taking into consideration the current demand for more student housing.
“Keith and his colleagues have worked very hard to develop the apartments from scratch and the company is very pleased with the finished result. The apartments are already proving popular with students and the business is looking forward to undertaking similar projects in the coming months.”