UK: OakNorth has provided a loan to support the development of a PBSA development in Nottingham.
Brought forward by OMNI Developments and located on Radmarsh Road, facing the pedestrian thoroughfare of the University of Nottingham’s Jubilee Campus, the six-storey, 222-bedroom PBSA will consist of 148 en-suite rooms and 74 studios, along with co-working, dining and entertainment spaces.
The zero-fossil-fuel building also includes an energy and recycling centre.
The project is being led by Andy Roberts, who co-founded OMNI Developments in 2013. He specialises in student accommodation and high-end residential development projects across the country. To date, he has provided more than 3,000 student beds, including three previous PBSA schemes in Nottingham.
Roberts said: “This new site overlooking the Jubilee Campus is in an excellent location for students living in Nottingham. Working with the University and other partners, we have jointly crafted a scheme that not only seamlessly integrates into the campus but has been significantly enhanced by an ambitious social and environmental brief. I fully expect it to be one of the most popular residences in the city.”
“Working closely with Dale and the OakNorth team for the first time was extremely positive. Their transparency and ability to customise the facility to our needs was very helpful, and it was clear from our first meeting that they had a strong knowledge of the city’s property development market,” he added.
Dale Cowdell, director of debt finance at OakNorth, said: “Andy is one of the region’s most experienced designers and developers specialising in PBSAs, so we’re delighted to be able to support him with this latest project. His most recent Nottingham-based PBSA project, Graystacks, also provides a unique and popular product with exemplary social and environmental credentials. We look forward to working closely with Andy on future projects and seeing this development through to completion.”
OakNorth was advised on the transaction by Freeths, Knight Frank and Emerson Bond. Radmarsh Road Holdings Limited was advised by Gunner Cooke.
