Yorkshire Bank has agreed to fund a brand new student accommodation development scheme in Leeds
The bank will join forces with Crosslane Property Group and venture partner Harrison Street Real Estate to work on the student accommodation.
Alex Garland, Real Estate Finance Senior Director at Yorkshire Bank said:
“Leeds is home to Yorkshire Bank’s head office, we are invested in the success of this city and we are delighted to have closed this debt financing with the Crosslane and Harrison Street teams.
Sycamore House is a well-located development, managed by an experienced team and is purpose built to fulfil student demand.
Leeds is a thriving university city and if you combine this project with all the regeneration work going on in the area, it’s an attractive place to come and study.”
The build, which is due in September 2018 has been estimated at around £15 million upon completion.
The student property will span across five stories with 117 en-suite studio apartments.
Facilities at Sycamore House will consist of a private outdoor courtyard and communal areas including a common and study room, indoor gym and entertainment suite.
Andy Whatson, CEO at Crosslane Property Group said:
“We continue to see strong and growing demand from international and domestic banks, institutions and insurers and are pleased to have secured this new facility from Yorkshire Bank.
This offers our joint venture with Harrison Street funding diversification as well as the potential for future financing with Yorkshire Bank as we deliver on our ambition to develop a further 6,000 beds across 25 development schemes in the UK for completion by 2021.”
It is reported that Crosslane Property Group visited the University of Leeds and Leeds Beckett University and were met with positive feedback and enthusiasm from the students after taking a look at the designs for the new build.
Once the accommodation is up and running, Prime Student Living will be managing lettings and operational maintenance on behalf of Crosslane Property Group.
