Student accommodation scheme secures £19.8m funding package
Plans to develop a purpose-built student accommodation (PBSA) building in Leeds have taken a major step forward, following a £19.8m finance deal.
The scheme will be located at the former four-storey Symons House office building site on Belgrave Street.
The building is set to be transformed into a 23-storey student accommodation development, comprising 351 beds.
LSSH Symons House Limited (LSSH), a development company owned by London & Scottish Investments Limited and a US-based family office, will use the funding from Royal Bank of Scotland to deliver the project.
The PBSA development will provide 187 studios and 154 cluster beds offered in two, four, five and 10 bed arrangements as well as 10 premium one bed apartments to the top two floors.
The project is expected to complete at the end of 2019, with the first residents expected to arrive in early in 2020.
The total cost of the development is over £33m and around 250 indirect jobs will be created over the course of the next 15 months.
Stephen Inglis, CEO at London & Scottish Investments Ltd., said: “Working with our US partner, we have developed an effective business model to ensure the provision of quality PBSA schemes across the UK.
“Our first development in Sheffield was hugely successful and, thanks to funding from Royal Bank of Scotland, we have quickly been able to secure our second project here in Leeds. The development is already well underway and once complete will provide Leeds’ student population with high quality accommodation.”
Jamie Drummond, relationship lead at Royal Bank of Scotland Real Estate Finance Scotland, added: “LSSH have a solid business model focused on development opportunities in the student housing market. Leeds is just the second project in the company’s ambitious growth plan and we look forward to working with LSSH to support future developments.”
