£25m student accommodation deal completed
A leading Yorkshire law firm has announced the completion of a deal which will see the development of a multi-million-pound student accommodation scheme in Lincoln.
UK Top 200 corporate law firm, Shulmans LLP, has announced the legal completion on behalf of developer Blocwork LLP for the redevelopment of the former 179 High Street site in Lincoln. The deal is worth in excess of £25 million.
The complex nature of the transaction meant that the legal team handled the site acquisition and forward funding in favour of Legal and General, alongside establishing a joint venture company to deliver the development and exchanging an Agreement for Lease for a pre-let of whole to the University of Lincoln. Kate Johnson, Associate in the Shulmans Commercial Property unit, led the team with Jayne Smiles leading on the construction elements.
The development includes the erection of a three to nine storey main block to create 250 bedrooms with a gym, shops and restaurants. A second block comprises the erection of a six storey annex block to accommodate 51 bedrooms. The two blocks are being built parallel to the railway and linked by a footbridge. A public footpath through the development will ensure train barrier delays are avoided and provide a better connection between the High Street and the University campus.
Kate Johnson said: “It is fantastic to see this level of investment in Lincoln. The contemporary, design-led scheme will meet the increasing demand for affordable, sociable and fully-furnished student accommodation. It will
greatly enhance the current accommodation facilities of the University of Lincoln”.
Richard Thomas, Development Director at Blocwork LLP said: “We are delighted to have completed the University of Lincoln accommodation deal. The Shulmans team have been incredibly proactive in providing timely and invaluable advice, guiding us through the complicated legal and commercial issues associated with developing and funding a site in such close proximity to a busy train line in very tight timescales given the imperative to deliver the scheme in time for the new student intake in autumn 2019.”
Construction has started with a target completion date of September 2019.