Alumrose, a joint venture between Melrose Capital and Alumno Group has secured a loan to enable the purchase of a site located in Elephant and Castle, Central London. The site has received detailed planning consent for the development of a 244-bed student accommodation scheme.
The borrower intends to build 206 purpose-built studio rooms and 38 two-bedroom apartments, all featuring ensuite bathrooms. Additionally, the ground floor will have 139m2 of retail space, which will provide amenities for the local residents.
The demand for student housing surpasses the supply, especially in London. As the site is situated in a major Zone 1 transport hub, students will have access to seven London Universities within a 20-minute journey.
James Nunn, Octopus Real Estate, said: “We’re delighted to have provided the funding required to purchase this site. We specialise in finance for transitional assets: as a non-bank lender, we can tailor each loan to the requirements of the borrower. At Octopus Real Estate we’re committed to funding the delivery of quality accommodation, and we’re pleased to play a role in increasing the supply of student accommodation in the capital.”
David Campbell, Alumno, said: “Site origination is a key driver in our development strategy, and we are very pleased to have worked with a lender who shares our commitment to placemaking and making a positive impact on the local community. We are extremely excited about this project due to its zone 1 location and close proximity to various University campuses. We are grateful to Octopus Real Estate for helping us progress and develop high-quality purpose-built accommodation for hundreds of students, at a time when securing living space in the capital is harder than ever. We would also like to thank our JV partner Melrose Capital for their continued support and advice.”
Image source - Pexels.
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