Property developer Southern Grove intends to obtain planning consent for a 230-bed student accommodation scheme in the centre of the East Colchester Regeneration Scheme, which it will then build and operate.
Gavin Morrison, relationship director at Contour Capital, said: “We are very pleased to have assisted Southern Grove with the acquisition of this well-located site, which is ideally placed for access to both Colchester town centre and the University of Essex.
- HFBS saves Spanish holiday home purchase
- UTB completes £590,000 downsizing bridge
- Roma provides £250,000 bridge for London basement conversion
“Contour has [a] strong appetite to support experienced developers such as Southern Grove on development projects across the South of England.”
The project will form part of Southern Grove’s Future Generation platform, a 50:50 joint venture with Bahraini investor Tadhamon Capital.
Future Generation plans to develop a 10,000-bed student portfolio within the next five years.
Ed Fisher, managing director of Future Generation, added: “The Contour team [has] been extremely supportive throughout and successfully managed to complete the loan to meet the tight acquisition timeline.”
Contour Capital specialises in mezzanine and bridging finance for the residential, commercial and student accommodation sectors across southern England.
The company offers loans of up to £10m per project.
Leave a comment