Student scheme firm gets £22.7 million backing

A property development firm has secured £22.7 million to deliver a 239-bed student scheme.

Asset Capital has been backed to create Peppermill Court in York.

Bosses say the venture – set for an ex-NHS mental health unit site – will “set a new benchmark for sustainable student living”.

They add the scheme will include 227 standard en-suite rooms, ten adaptable en-suite rooms and two accessible en-suite spaces, with building work earmarked for completion by summer 2027.

Wetherby-based Asset Capital has been backed by funding from Solihull-headquartered Paragon Bank to refinance its acquisition of the Ramsey Drive site and support the property’s conversion. 

Dan Newett, Asset Capital director, said: “This project reflects our ongoing dedication to quality and innovation in student housing.

“Our commitment to environmental standards and modern amenities ensures that future residents will benefit from comfortable, energy-efficient accommodation in a thriving university city.”

Simon Dekker, Paragon senior relationship director, added: “This project represents an exciting step forward for sustainable student accommodation.

“Our team’s expertise in the purpose-built student accommodation sector enabled us to structure a funding package tailored to the needs of the developer and the city’s vibrant student community.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →