The scheme will see the construction of 97 student rooms in clusters of 2 to 5 rooms over seven storeys, with the eighth storey set to provide a communal living space and a roof terrace.

UTB is providing £9.4m to refinance the original acquisition loan and fund 100% of the build costs and professional fees.

Construction is set to begin this month with completion planned in Spring 2024.

Javaid Aziz, co-founder of ACE Student Living, said: “One of the most compelling reasons to partner with UTB is the strength and knowledge of Paul Flannery's team where they are collegiate in how they approach the hurdles that often come up in transactions.

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“They are polite, reasonable and firm in their opinions and stick by their choices and decisions".

Paul Flannery, senior director of property development at UTB, added: “ACE Student Living are skillful developers, and we were delighted to have the opportunity to support Javaid and his team in what I’m sure will be another successful project.

“They have a deep understanding of their market and deliver a great quality product, differentiating themselves from other developer and investors operating in the PBSA sector with their commitment to ensuring their customers get the most from their accommodation and student life.

“Demand for great quality student accommodation continues to outstrip supply in towns and cities across the UK and we look forward supporting more of ACE Student Living’s outstanding schemes for many years to come.”