Specialist development finance lender Atelier has announced that it has completed a finance facility for Hanover House, a new purpose-built student accommodation (PBSA) scheme in Bristol.
The £5.38m facility from Atelier will allow Rengen Developments to refurbish and convert Hanover House – a Grade II office building in Bristol city centre – into a 26-bedroom PBSA scheme. The building includes a flat and 25 self-contained studios.
The PBSA scheme will provide much-needed student accommodation in the heart of Bristol, which is home to several leading universities and has one of the greatest shortages of student accommodation in the country.
This Bristol PBSA project is scheduled for completion in time for the academic intake of September 2024.
“We are delighted to be funding this conversion of a fantastic Grade II Listed building into PBSA in Bristol. This is the seventh scheme we have worked on with our client, Rengen and we are equally pleased to continue to support this well-established PBSA developer in the South West.”
Matt Measures, Senior Investment Manager, Atelier
