Property firm builds for success with new student development

Property firm Terry Developments is expecting to see its yearly income increase by up to £250,000 after opening a new suite of 40 student flats in Coventry city centre.

With the support of a £1.5m finance package from Lloyds Bank Commercial Banking, Coventry-based Terry Developments has developed 40 exclusive en-suite flats at Alouise House.

All rooms have already been let for the academic year 2020/21, which will help to boost the business’ turnover.

The new building is the largest development in the Terry Developments’ portfolio, which includes accommodation for more than 200 students across the West Midlands.

Alan Earp, managing director at Terry Developments, said: “This is the biggest project we have undertaken and it’s great to see what a success it has been. The city is becoming a popular destination for students and we’re pleased to be able to offer them high-quality living accommodation in the heart of the city.

“The finance package from Lloyds has enabled us to access the money as and when we’ve needed it, which has been vital to ensuring that everything has run smoothly. They have explained everything to us in clear and simple terms and have been by our side throughout the process. We look forward to continuing our relationship with them moving forward.”

Mike Murphy, head of property at Lloyds Bank Commercial Banking, said: “Coventry has established a fantastic reputation as an education hub in recent years, which has led to a surge of students moving to the city.

“Terry Developments are helping to meet the rising demand for accommodation that this has brought with their new suite of luxury flats. We will continue to support them and other businesses to help meet the growing demand for student property in the region in the future.”