Winrise One Ltd has received in excess of £6.4m of funding from peer-to-peer lender Assetz Capital, to support the construction of a purpose-built student accommodation (PBSA) unit in Nottingham, comprising 124 studio apartments.
Leicestershire-based developer Winrise One secured the funding to finance the PBSA scheme at 32 Russel Street, Nottingham. The project marks the first large-scale venture by the developers, with the firm having previously completed small-to-medium sized projects across Leicester.
Construction on the Rise Nottingham project commenced in June 2017 and was completed in September 2018. Prior to completion, all units were successfully let to students, allowing the developer to refinance the loan into the mainstream market.
Located in a popular area for students, with communication links to both Nottingham Trent and the University of Nottingham Campuses, the development features 124 self-contained studio apartments, complete with an on-site cinema room, laundry room, and communal spaces.
This deal follows a number of other development loans financed by Assetz Capital across the UK. The firm provided £10m of funding to 9 Property Group to develop a student accommodation complex in Nottingham, and £3m of funding to support the construction of eight luxury homes in Holywood, Northern Ireland.
Neil Roper, Relationship Director for the East Midlands at Assetz Capital, said: “We are seeing growing numbers of university students in the UK, and Nottingham remains one of the country’s most popular destinations for further education. This surge in demand has significantly strengthened the PBSA sector, and peer-to-peer funding is providing a much-needed capital injection for a growing list of projects nationwide.
“It’s great to see how, in the space of less than 16 months, a major scheme such as Rise Nottingham can develop into a fully occupied building. This is testament to the speed of delivery that peer-to-peer funding offers in comparison to traditional forms of finance. It’s a pleasure to have supported Winrise One in fulfilling its first ever large-scale endeavour, and we are confident the team will continue to deliver first-class projects in the future.”
The funding proposition was introduced by Robin Daw, commercial finance broker with B2b Finance who continues to work closely with both Assetz and the owners of Winrise One Ltd.