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An injection of £84.5m in funding from London Wall Lending will help Bricks Group to support the delivery of a new purpose-built student accommodation (PBSA) development on a former Royal Mail site in Nottingham, East Midlands.
The 28-month loan facility will fund the two-stage transformation of the building by Graham Construction, who were awarded a £70m contract by the Bricks Group for the two-stage design and build of the development. There is also potential for a further £5.5m of funding to be unlocked if planning permission is achieved.
“This is our first investment in Nottingham, and is illustrative of our strategy to support ever-growing residential demand across the UK’s regional markets.
“With a strong student population spread out across two top-class universities, the city is going from strength to strength and presents exciting opportunity for development. Having worked extensively with Bricks in the past, we’re confident in the business’ ability to seize on this sentiment and provide a top-quality option for the area’s student community.”
Lev Loginov, Partner, London Wall
The PBSA scheme will see the transformation of the former Bendigo Building site in Nottingham, which had been unoccupied for almost two decades before it was finally demolished in 2023.
Originally built in the late 1960s, the Bendigo Building served as a Royal Mail Sorting office. After almost two decades of vacancy, the redevelopment will bring new vibrancy to the area and high-end accommodation to students, offering great connectivity to Nottingham Trent University, Nottingham train station and high street – all in under half a mile away.
The scheme will deliver 752 beds over 13-storeys. There is also the opportunity to expand to 781 beds, subject to planning permission. The beds are much needed in a city that is ever popular with students.
“We have a well-established relationship with London Wall built over a number of successful projects, so when the chance arose to deliver much-needed student accommodation in such an iconic Nottingham building, we knew that it was one we needed to take.
“The UK remains an attractive proposition to both home and international students, and we’re continuing to experience surging demand for the services provided through our true student brand. We look forward to meeting the students of Nottingham and working to allow them to make the most of their university experience in the years to come.”
Peter Prickett, Founder and CEO, Bricks Capital
The Bendigo Building accommodation will be managed by Bricks’ in-house operating brand, true student. The development will also offer a range of amenities and landscaped gardens. The ground floor will also offer space for commercial units.
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