Plans to develop a purpose-built student accommodation (PBSA) building in Leeds comprising 351 beds have taken a major step forward, following a £19.8 million finance deal.
LSSH Symons House Limited (“LSSH”), a development company owned by London & Scottish Investments Limited and a US-based family office, (together the “Developers”), will use the funding from Royal Bank of Scotland to redevelop the former four-storey Symons House office building site on Belgrave Street into a 23-storey student accommodation building
This is the Developers second PBSA development and will provide 187 studios and 154 cluster beds offered in 2, 4, 5 and 10 bed arrangements as well as 10 premium 1 bed apartments to the top 2 floors. The project is expected to complete at the end of 2019, with the first residents expected to arrive in early in 2020.
The total cost of the development is over £33m and around 250 indirect jobs will be created over the course of the next 15 months.
The Developers are focused on investing in a small portfolio of high-quality, purpose-built student accommodation assets, spread across principal UK ‘university cities’. 2017 saw the successful launch of their first PBSA development at Crown House in Sheffield which is located in the popular Cathedral Quarter area of the city. Crown House provides 355 premium apartments for Sheffield’s growing student population.
Stephen Inglis, Chief Executive Officer at London & Scottish Investments Ltd., said: “Working with our US partner, we have developed an effective business model to ensure the provision of quality PBSA schemes across the UK. Our first development in Sheffield was hugely successful and, thanks to funding from Royal Bank of Scotland, we have quickly been able to secure our second project here in Leeds. The development is already well underway and once complete will provide Leeds’ student population with high quality accommodation.”
Jamie Drummond, relationship lead at Royal Bank of Scotland Real Estate Finance Scotland, said: “LSSH have a solid business model focused on development opportunities in the student housing market. Leeds is just the second project in the company’s ambitious growth plan and we look forward to working with LSSH to support future developments.”
