£5.38 million facility from development finance lender Atelier will see a Grade II listed building converted into a 26-bed PBSA scheme
Specialist development finance lender Atelier has today announced it has completed a new finance facility for a new purpose-built student accommodation (PBSA) scheme in Bristol.
The £5.38 million facility will allow Rengen Developments to refurbish and convert Hanover House – a Grade II office building in Bristol city centre – into a 26-bed PBSA scheme, which includes a flat and 25 self-contained studios.
The purpose-built scheme will provide much-needed student accommodation in the heart of Bristol, which is home to several leading universities and has one of the greatest shortages of student accommodation in the country. This project is scheduled for completion in time for the academic intake of September 2024.
Matt Measures, Senior Investment Manager at Atelier, commented: “We are delighted to be funding this conversion of a fantastic Grade II Listed building into purpose-built student accommodation in Bristol. This is the seventh scheme we have worked on with our client, Rengen and we are equally pleased to continue to support this well-established PBSA developer in the South West.”