Bank loan kick-starts £6m student scheme in Lancaster

By Bridging Loan Directory -

Developer Cityblock has begun work on its latest student accommodation scheme in its home city of Lancaster after securing £6m in funding from Yorkshire Bank according to BusinessDesk.com.

The development, which gained planning approval in January, will see CityBlock convert the largely empty Victoria Court retail and office building on Penny St into a 100-bed student hall with a Sainsbury’s local store at ground floor level. It is the third scheme Cityblock will have developed in Lancaster.

The scheme has been designed by architects Union North and is being built by Askam Construction. It will open in September 2012.

Cityblock chief executive Trevor Bargh, said: “This will be our flagship development with a choice of seven different room types to suit all requirements and budgets. Our research shows students benefit from a city centre location and prefer the en-suite, all-inclusive package that encourages independent living.”

Kevin Hughes, managing partner at Yorkshire Bank’s Preston Financial Solutions Centre, said: “The funding we have provided has enabled CityBlock to redevelop an empty retail and office building to provide high-quality student accommodation.”

As well as its three sites in Lancaster, Cityblock also has two new student accommodation developments in Leicester. Other sites are currently in the planning phase.