Plans to develop a purpose-built student accommodation building in Leeds comprising 351 beds have taken a major step forward, following a £19.8m finance deal.
LSSH Symons House, a development company owned by London & Scottish Investments and a US-based family office, will use the funding from Royal Bank of Scotland (RBS) to redevelop the former four-storey Symons House office building site on Belgrave Street into a 23-storey student accommodation building.
The total cost of the development is over £33m and around 250 indirect jobs are expected to be created over the course of the next 15 months.
This is the developers second purpose-built student accommodation development and will provide 187 studios and 154 cluster beds offered in two, four, five and 10 bed arrangements as well as 10 premium one bed apartments to the top two floors.
The project is expected to complete at the end of 2019, with the first residents expected to arrive in early 2020.
Stephen Inglis, CEO of London & Scottish Investments, said: “Working with our US partner, we have developed an effective business model to ensure the provision of quality purpose-built student accommodation schemes across the UK.”
In 2017, the developers launched their first purpose-built student accommodation development at Crown House in Sheffield which is located in the Cathedral Quarter of the city.
The Crown House development provides 355 apartments for Sheffield’s growing student population.
Mr Inglis added: “Our first development in Sheffield was hugely successful and, thanks to funding from Royal Bank of Scotland, we have quickly been able to secure our second project here in Leeds.
“The development is already well underway and once complete will provide Leeds’ student population with high quality accommodation.”