Following the successful acquisition of Planning and Listed Building consent, we are pleased to announce the closure of a PBSA led mixed-use development loan in Bournemouth.
The £17.8m loan will finance the internal modernisation and conversion of a historic single-use space into 10 commercial units and 129 student beds. However, there will be no significant external additions to protect and preserve the architecture of the former House of Fraser, which is a Grade II listed building. The combination of historical elements with contemporary design will both create a unique living space for students and reinvigorate central Bournemouth’s retail landscape.
The scheme is ideally located, with it’s 10 commercial units ranging from 625 sq. ft to 30,000 sq. ft, having significant frontage along Old Christchurch Road, Gervis Place and The Arcade. The opportunities for new retail space, food & beverage, and leisure options will help transform this area back into the bustling hub of Bournemouth.
Bournemouth has a growing level of demand from student occupiers with circa 28,000 students and currently only 6,000 PBSA units available annually. The development is within walking distance from three world-class universities, including Bournemouth University. Each premium ensuite student unit will be designed and built to a high standard that is line with the borrowers previous PBSA developments. With shared facilities such as study rooms, cinema rooms, a gym, common room and a music room, the scheme ensures a balanced lifestyle for its residents.
For this development the borrower will be focussing on sustainability and repurposing the disused House of Fraser site for the benefit of the local community. The borrower will be using their wealth of experience and in house contracting arm to deliver the scheme in time for the September 2024 academic year intake.