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Bath | Somerset

Purpose

To refinance the development loan which enabled the redevelopment of a former office into newbuild PBSA (62 beds) and over 6,000 sq ft of refurbished ground floor office space.

Exit

Lease-up the office and continue to let the PBSA on the open market to maximise rental income.

Loan Strengths

  • Well located asset adjacent to the famous Pulteney Bridge with strong internal specifications
  • Developer is an experienced PBSA developer specialising in the Southwest with a dedicated in-house management team
  • Local market dynamics are favourable with an undersupply of newbuild city centre PBSA and a rising student population

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