Paragon supports 267-PBSA Tribe Southwark scheme with £29.6m funding
Paragon Bank’s Development Finance division has provided a £29.6 million finance package to support the development of a 267-bed Purpose Built Student Accommodation (PBSA) scheme in Southwark, London.
The funding for Tribe Student Accommodation will result in a 10 to 12-storey development, with 257 sqm of retail/restaurant space on the ground floor level.
The development is located on the site previously occupied by a KFC. Works have already commenced and the scheme is expected to be complete for the 2024-2025 academic year.
There will be a mix of cluster rooms and studios and the scheme will also provide communal lounges, a study space, roof garden and pocket park.
The funding has been led on behalf of Paragon by Senior Relationship Director Nigel Jackson and Relationship Manager James Helmore, with support from Portfolio Manager Megan Andreou.
The scheme utilises Paragon’s stabilisation facility, which provides an 18-month period post-completion of the development for the scheme to season with student occupancy for up to two academic years.
Demand for student accommodation in the area is growing, alongside the broader redevelopment of the Old Kent Road area.
The Old Kent Road scheme will cater to students studying in higher education facilities in south London and across the capital.
Laurence Quail, Tribe Director, said:
“This development will provide much-needed student accommodation for some of the capital’s largest universities.
The Old Kent Road is undergoing significant redevelopment and this scheme is part of a wider programme that will upgrade the area.
Paragon is a bank that knows how the PBSA market works and one of the few lenders that can support a scheme from concept through to completion.
We’re pleased to have been able to work with the bank on this project.”
James Helmore, Paragon Bank Relationship Manager added:
“This is an exciting project that will result in top-level student accommodation in a growing student market.
Tribe has an excellent reputation for student accommodation provision and we’re pleased to have been able to support the company on this scheme.”