Yorkshire Bank

Luxury student housing development secures facility from Yorkshire Bank

Yorkshire Bank has agreed a development facility with Crosslane Property Group and its joint venture partner Harrison Street Real Estate (HSRE) for a purpose-built student accommodation development scheme in Leeds.

Sycamore House (pictured above) has a gross development value of around £15m upon practical completion, which is due in September 2018.

Once completed, the property will consist of five storeys with 117 luxury en-suite, self-contained studio apartments.

Residents will also benefit from a private outdoor courtyard and communal facilities, including a common room, study area, gym and luxury entertainment room.

“We continue to see strong and growing demand from international and domestic banks, institutions and insurers and are pleased to have secured this new facility from Yorkshire Bank,” said Andy Whatson, CEO at Crosslane Property Group.  

“This offers our joint venture with Harrison Street funding diversification as well as the potential for future financing with Yorkshire Bank as we deliver on our ambition to develop a further 6,000 beds across 25 development schemes in the UK for completion by 2021.”

Crosslane recently attended student accommodation fairs at both Leeds University and Leeds Beckett University and received a very positive response from students on the sophisticated boutique design and specification of the scheme.

Prime Student Living – the student accommodation lettings and operational management arm of Crosslane – will be responsible for managing the building and ensuring that it is fully pre-let.

“Sycamore House is a well-located development, managed by an experienced team and is purpose built to fulfil student demand,” said Alex Garland, real estate finance senior director at Yorkshire Bank.

“Leeds is a thriving university city and if you combine this project with all the regeneration work going on in the area, it’s an attractive place to come and study.

“Leeds is home to Yorkshire Bank’s head office, we are invested in the success of this city and we are delighted to have closed this debt financing with the Crosslane and Harrison Street teams.” 

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