Shawbrook provides £3.1m funding for Bristol student accommodation development
A former pub in Bristol is being transformed into 33 student bedrooms with the support of a development finance facility from Shawbrook.
At a glance
Shawbrook has provided a £3.1 million development finance facility to an experienced property developer to support the delivery of 33 new student bedrooms in Bristol.
The project will transform The Old Tavern, a former pub in Stapleton, through the conversion and extension of the existing Grade II listed property and construction of a new two-storey building within the grounds.
The completed scheme will provide a mix of cluster and studio accommodation, with ensuite bedrooms, communal areas and amenity space. The developer acquired the site in 2022 and subsequently secured planning permission on appeal. The completed scheme is expected to have a GDV of approximately £4.6 million.
Given the project's listed status and associated planning and construction considerations, the developer, which has 35 years' experience in the property market, was looking for a lender that could provide a well-structured facility and support them through the complexities of the project.
Broker partner, Page Property Finance introduced the developer to Shawbrook, with both already familiar with the bank's experience and appetite for supporting purpose-built student accommodation (PBSA) schemes across Bristol.
Working closely with the developer, Shawbrook structured a 16-month, £3.1 million development finance facility to help deliver the scheme.
The client needed a lender that understood the PBSA market and could get comfortable with the additional considerations that come with a listed building development. Understanding Shawbrook’s track record supporting similar schemes in the region, we felt the team would be a good fit for the project. Greg and the Shawbrook team worked closely with us and our client to understand the requirements of the development and put the right funding structure in place. It’s great to see the project now nearing completion and the client’s plans coming to life.
Greg Pescott, Relationship Director, Development Finance at Shawbrook, commented:
“This is an exciting scheme from an experienced developer, bringing a historic Bristol property back into use while delivering much-needed new student accommodation.
The combination of the listed building and new-build elements makes this a particularly interesting project. It’s a strong addition to Bristol’s student accommodation market and we’re pleased to have supported in delivering the developer’s plans for the site.”
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