- The loan is to an SPV managed by OMNI Developments, an experienced Developer who specialises in student accommodation and high-end residential development;
- The capital will be used to develop a new six-storey, 222-bedroom purpose-built student accommodation (PBSA);
- Situated opposite the University of Nottingham’s Jubilee Campus, the site will offer a unique combination of large rooms with over twice as much social space as the average PBSA scheme;
- Nottingham is home to over 63,000 students, with attendance having grown by 22% since 2015-16 and international undergraduates having increased by 34%, heightening the need for more PBSAs in the area.
OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided the OMNI Developments SPV with a bespoke facility for a major new PBSA development in Nottingham.
Located in a prominent position along Radmarsh Road and facing the pedestrian thoroughfare of the University of Nottingham’s Jubilee Campus, the new six-storey, 222-bedroom PBSA will consist of 148 en-suite rooms and 74 studios.
A unique six-storey ‘winter garden’ will provide various co-working, dining, and entertainment spaces throughout the building. The zero-fossil-fuel building also includes an energy and recycling centre, reflecting the importance of the 2028 Carbon Neutral Agenda for Nottingham and aligning with the ethics of the increasing number of students who want to live in buildings that make a positive impact.
The project is being led by Andy Roberts, who has over 22 years of experience, a strong track record in delivery, and a reputation for innovative design. Andy co-founded the award-winning property developer, OMNI Developments, in 2013. He specialises in student accommodation and high-end residential development projects across the country. To date, he has provided over 3,000 student beds, including three previous successful PBSA schemes in Nottingham.
Andy Roberts, Director of OMNI, commented on the transaction: “This new site overlooking the Jubilee Campus is in an excellent location for students living in Nottingham. Working with the University and other partners, we have jointly crafted a scheme that not only seamlessly integrates into the campus but has been significantly enhanced by an ambitious social and environmental brief. I fully expect it to be one of the most popular residences in the city. Working closely with Dale and the OakNorth team for the first time was extremely positive. Their transparency and ability to customise the facility to our needs was very helpful, and it was clear from our first meeting that they had a strong knowledge of the city’s property development market.”
Dale Cowdell, Director of Debt Finance at OakNorth, added: “Andy is one of the region’s most experienced designers and developers specialising in PBSAs, so we’re delighted to be able to support him with this latest project. His most recent Nottingham-based PBSA project, Graystacks, also provides a unique and popular product with exemplary social and environmental credentials. We look forward to working closely with Andy on future projects and seeing this development through to completion.”
OakNorth were advised on the transaction by Freeths, Knight Frank, and Emerson Bond. Radmarsh Road Holdings Limited were advised by Gunner Cooke.
ENDS
Notes to editors
Image available upon request
About OakNorth
Launched in September 2015, OakNorth is the digital bank for entrepreneurs, by entrepreneurs, empowering scale-up businesses (£1m-£100m turnover) to support growth, prosperity, and innovation for the benefit of all.
Since its launch, the bank has:
- Lent over £10bn to these businesses, directly helping with the creation of 40,000 new jobs and 29,000 new homes across the UK.
- Raised deposits from c.254,000 savers.
- Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
Media contact
Tom Pavey-Smith, Associate Director, Growth & Communications – [email protected] / [email protected] / 0791 716 5588