Octopus Real Estate has provided a commercial loan to Alumrose to complete the purchase of a purpose-built student accommodation (PBSA) development site located in Elephant and Castle, Central London.
Alumrose – a joint venture between Melrose Capital and Alumno Group – intends to develop 206 purpose-built studio rooms and 38 two-bedroom apartments on the site. Permission has also been granted for 1,500 sq ft of retail space on the ground floor.
James Nunn, fund manager at 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, managing director of 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 one 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.”
