Bricks Group, specialists in student and co-living development and management, has successfully secured £84.5m in funding from London Wall Lending. This funding will be utilized to support the construction of high-end Purpose-Built Student Accommodation (PBSA) on a former Royal Mail site in Nottingham.
The new development will see the transformation of the vacant Bendigo Building site in Nottingham’s city center. Once completed, the scheme will feature 752 beds spread across 13 storeys, with the potential to increase to 781 beds pending planning permission approval.
Managed by Bricks’ in-house operating brand, true student, the accommodation will offer a range of indoor amenities, landscaped gardens, and commercial units on the ground floor for residents and the local community to enjoy.
The loan facility, spanning 28 months, will finance the two-stage project execution by Graham Construction. There is also an additional potential for £5.5m in funding to be unlocked upon obtaining planning permission.
This collaboration marks another successful venture between Bricks and London Wall, following their previous partnerships on Discovery Quays 1 and 2 in Salford Quays, and a PBSA plot in Leeds. Graham Construction has been appointed to bring Bricks’ vision for the scheme to life, with Fladgate offering legal support and Knight Frank providing valuation services.
Lev Loginov, Partner at London Wall, expressed enthusiasm for the investment in Nottingham, highlighting the city’s growing residential demand and development potential. Peter Prickett, Founder and CEO of Bricks Capital, emphasized the strong partnership with London Wall and their commitment to meeting the increasing student accommodation needs in Nottingham.
The UK continues to attract both domestic and international students, driving the demand for quality student housing. Bricks looks forward to welcoming students to their Nottingham development and enhancing their university experience in the years ahead.
