Leeds students to benefit from £9.6m accommodation development
Students in Leeds will soon welcome a new accommodation site following a multi-million pound property investment loan.
Aldermore Bank has provided a £9.6m property development loan to Torsion Devco Ltd, for the construction of 91 new studio apartments.
The site which will be named Trapezium, is located at the junction of Park Lane and Belle Vue Road with the University of Leeds and Leeds Beckett University approximately half a mile to the North East.
David Whitehouse, property development manager at Aldermore, said: “We’re delighted to have worked with Torsion again and provide them with the bespoke finance facilities they need.
“Leeds is the largest legal and financial centre outside London with a thriving cultural scene which makes it a popular choice for both domestic and international students.”
David Worsley, MD of Torsion Developments, said: “We are delighted to close our fourth senior debt facility with Aldermore. The collaborative approach during closing by all parties shows the strength of this relationship.
“During construction up to 80 workers will be employed and following completion of the development in time for the 2022/23 academic year, a permanent staff team will be employed to run the accommodation.”
Iain Bryson, head of development and specialist property at Aldermore, said: “It’s great to be backing Torsion on this project which will provide Leeds with more high quality student accommodation.
“Torsion Developments are an experienced student accommodation provider who work with local communities to complete projects.”
Leeds has five universities and the University of Leeds is the fifth largest by enrolment in the UK.
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