Specialist development finance lender Atelier has announced that its £5.5m financing deal has been approved to fund the refurbishment of 36 purpose-built student accommodation (PBSA) studios at Creswicke House in Bristol city centre.
The loan from Atelier will allow developer Rengen to purchase and refurbish an existing building in the city centre to provide the self-contained student studios. Situated on Small Street, Creswicke House is in a prime student location, a short walk from Bristol University.
The scheme will be delivered over the summer of 2024 while the building is vacant and then will be fully let to students in time for the beginning of the 2024-2025 academic year.
“We are delighted to fund our sixth project with Rengen. This project will assist with filling the PBSA shortfall in Bristol through the refurbishment of a building in a prime student location.”
Matt Measures, Senior Investment Manager, Atelier
Bristol has one of the greatest shortages of student accommodation in the country, with figures from CBRE highlighting that since 2018, just 2,900 beds have been delivered while demand for PBSA has grown by 8,000 in that timeframe.
