Urban Centric is developing the project that will transform a 60,000 sq ft office building at Knox Court into a co-living space.

Designs are targeting an EPC A rating for each unit, with a gym, cinema and private dining areas also being provided for residents.

The debt funding will cover the construction of the scheme, including the addition of two new floors, and assist with tenant acquisition.

This project is scheduled for completion in January 2026.

“Co-living offers a flexible, community-focused living experience that resonates with today’s urban residents seeking affordability and connection,” said John Hughes, senior relationship director at Shawbrook.

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“Working with Urban Centric again underscores our commitment at Shawbrook to fostering strong relationships with developers. By understanding the unique needs of each project, we deliver tailored funding solutions that provide the stability essential for successful completion and future growth.”

Additionally, Urban Centric has secured a £7.6m equity investment from Housing Growth Partnership — part of the Lloyds Banking Group — to support the scheme’s delivery.

Also commenting on the project, Andrew Woods, director at Urban Centric, said: “Following the successful completion of our first scheme with Shawbrook in Swansea in 2022, we were delighted to partner with them once again on this landmark project.

“Their flexible and tailored funding approach has been instrumental in helping us bring our vision to life and we look forward to working with them in the future.”