"We were able to provide a unique facility over a 21-month term, and we look forward to seeing the finished project and supporting Shaun and his team with their future endeavours"
- Greg Pescott - Shawbrook
Shawbrook has announced that it has supported a client with a loan facility worth £4m to fund a purpose built-student accommodation development in Bristol.
The development comprises twelve studio flats and eight, six-bed ensuite cluster flats. The building will also have dedicated ground floor commercial spaces, as well as gym facilities, communal areas, cycle storage and laundry facilities for students.
Shawbrook was able to tailor a £4m, 21-month facility for the project. The client has over 25 years of experience in the construction industry and has delivered multiple residential and PBSA schemes. This deal marks their first PBSA project with Shawbrook.
“Bristol has a massive demand for student accommodation, which has continued to outstrip supply," commented Shaun Ellis, Managing Director of Lower Ashley Road Developments Ltd, “Shawbrook was recommended by another property developer in Bristol and after speaking with Greg who understood our plan, he was able to put together a bespoke package to support the PBSA project. We’re glad that we’re able to provide brand-new, much-needed housing options for students.”
Greg Pescott, Relationship Director at Shawbrook, added: “We’re really pleased that we’ve been able to support Shaun and his team with this PBSA project, which will be a welcome addition for students of Bristol University who have struggled with a lack of accommodation options.
“We were able to provide a unique facility over a 21-month term and we look forward to seeing the finished project, and supporting Shaun and his team with their future endeavours.”
