Lancaster-based CityBlock secures £8.2m funding for student accommodation project

Student accommodation firm CityBlock Group has secured £8.2m in funding to deliver an extensive refurbishment project at one of its properties.

The Lancaster-based company will use the seven-figure support from NatWest to overhaul Berkshire House in Reading, creating 134 student beds for direct let.

CityBlock plans to carry out the project in partnership with a client of property investment firm Cluttons Capital Partners.

Trevor Bargh, the managing director of CityBlock, said: “The project in Reading is an exciting development that will give students a fantastic living and learning environment.

“What is needed in terms of accommodation is always changing so having a bank like NatWest that understands our business and how we need to grow makes a huge difference.”

He added: “We have always been impressed with the NatWest team’s responsiveness and commitment to supporting our business.”

Ross Owen of Cluttons commented: ’’Reading is a top flight university and has seen substantial growth in full time post-graduate students in recent years. This scheme is well positioned to deliver high quality accommodation to meet this growth in demand.“

The deal was supported by Andrew Dignum, relationship director at NatWest Real Estate Finance in Manchester.

Andrew said: “CityBlock is a well established and respected family business with a great track record of success.

“The development in Reading will provide much-needed accommodation for students studying in the area and we wish the business every success for the future.”