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£16m loan agreed for 225-room Bristol student scheme

Octopus Property has agreed to provide Atlas Land Ltd with a £16m loan to deliver a 225-unit Purpose Built Student Accommodation (PBSA) scheme, together with three commercial units, in the heart of Bristol City Centre.

Located on Dean Street, the scheme is approximately 1 mile from the main University of Bristol campus and just 400m from Cabot Circus.

Gavin Eustace, Head of Residential Development at Octopus Property, said: “The Bristol market, with its above average supply demand imbalance and strong academic tradition, is a particularly compelling market in which to provide development finance.

“With a highly regarded development manager and experienced main contractor in place, we look forward to building a lasting relationship with Atlas Land for the duration of this project and into the future.”

Studio Hive Ltd, an established development company based in Bristol, has been appointed to manage the build-out of the scheme, which is expected to be completed in time for the 2020 academic year. WRW Construction Ltd, which has undertaken a number of similar sized student developments has been awarded the design and build contract. CRM, one of the UK’s leading PBSA operators with over 23,000 beds under management, in 32 cities across the UK, will take on the operational management of the scheme once it has completed.

Alan Chaytor, Managing Director at Atlas Land, added: “This has been a significant investment by Atlas Land in a prime regional centre with a strong university base. I am delighted to be working with Octopus property and Studio Hive in delivering a quality PBSA scheme and helping to regenerate a derelict site into a desirable student scheme.”

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