Shawbrook has provided a £3.1 million development finance facility to support the transformation of a former Bristol pub into a 33-bed purpose-built student accommodation (PBSA) scheme.
The 16-month facility is supporting the redevelopment of The Old Tavern in Stapleton, combining the conversion and extension of the existing Grade II listed property with the construction of a new two-storey building within the grounds.
The completed development will provide a mix of cluster and studio accommodation, with ensuite bedrooms, communal areas and amenity space, and is expected to have a Gross Development Value (GDV) of approximately £4.6 million.
Given the listed status of the property and associated planning and construction considerations, the developer was looking for a lender that could provide a well-structured facility and support the more complex requirements of the project.
Broker partner Page Property Finance introduced the developer to Shawbrook, with both already familiar with the bank’s experience and appetite for supporting PBSA schemes across Bristol.
Shawbrook structured the £3.1 million facility to support the delivery of the scheme, which is now nearing completion.
Mike Page, Director at Page Property Finance, said: “The client needed a lender that understood the PBSA market and could get comfortable with the additional considerations that come with a listed building development. Understanding Shawbrook’s track record supporting similar schemes in the region, we felt the team would be a good fit for the project.
“Greg and the Shawbrook team worked closely with us and our client to understand the requirements of the development and put the right funding structure in place. It’s great to see the project now nearing completion and the client’s plans coming to life.”
Greg Pescott, Relationship Director, Development Finance at Shawbrook, commented: “This is an exciting scheme from an experienced developer, bringing a historic Bristol property back into use while delivering much-needed new student accommodation.
“The combination of the listed building and new-build elements makes this a particularly interesting project. It’s a strong addition to Bristol’s student accommodation market and we’re pleased to have supported in delivering the developer’s plans for the site.”
