Zorin Finance is excited to announce the completion of a £40m loan funding the development of much needed PBSA in Nottingham.
Providing 419 studio units with modern social and amenity spaces, the development will be built to a high specification. The scheme has been thoughtfully designed incorporating green roof elements, double glazed composite windows to maximise natural light, and water saving features to achieve an EPC ‘A’ rating. This would result in the Zorin funded scheme becoming one of the UK’s most energy efficient student accommodation buildings.
The strategic placement of the development ensures accessibility to academic, practical and recreational facilities, making it an attractive choice for students – particularly for those attending the University of Nottingham which is within walking distance.
The Nottingham student market continues to grow, driven by both strong domestic and international appeal, with the number of full-time students increasing by 34.2% since 2012. This has created an acute demand to supply imbalance, and the role of the private sector in meeting student accommodation needs is becoming more significant year on year. Studio units in Nottingham are the most sought after student accommodation type, and the scheme will directly address this by ensuring students have a premium studio option in this underserved location
The sponsor is a well respected name in the UK property market, with comprehensive knowledge in both developing and operating PBSA. The scheme will be delivered by a large regional contractor who is known to Zorin and already delivered several PBSA in partnership with the sponsor.
Vin Vijaya, Lending Director at Zorin Finance said:
“Very delighted to support the sponsor with this project in a City they have built a strong living sector brand. The combination of a diversified management team and Tier 1 contractor will deliver an exceptional product to an underserved section of the PBSA market”