The property, located in Nottingham, is a semi-detached office building, granted full planning permission for conversion into 67 lettable bed spaces. 

Kexgill Group, an experienced PBSA developer and operator currently operating in nine cities across the UK and Germany, was the perfect partner for Avamore. 

Richard Stott, managing director at Kexgill Group, said: “We liked this deal as it’s a smaller office conversion of a landmark building, very close to Nottingham Trent University.

“Given that it's an office conversion and constrained by the building's existing envelope, we had to come up with some interesting accommodation configurations to not only make the best of the available space but also provide the layouts that the current market was demanding. 

"Many new build developments are made up of quite large cluster sizes or studios, but here we have been able to provide three to four-bed ensuite clusters.

“And so far, it has worked well.

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“We released them to the market three weeks ago, which is quite late in the forward letting market, and they've all rented.

“Avamore have been great throughout, it’s been a pleasure dealing the team.

“You have to partner with people who trust.

“We worked on this together and Phil was as excited as we were, that's a huge plus. 

“We trusted Avamore and they delivered.”

Philip Gould, chief lending officer at Avamore Capital (pictured above), added: “It has been an absolute pleasure working with Richard and the Kexgill team.

“I can’t wait to see the finished product.

“It is certainly a development that I would have been thrilled to stay at when I was at university. 

“Going forward, the issues around affordability in the PBSA space make it clear there is a growing requirement for small-scale, low amenity student housing like Raleigh House.

“We have ambitious plans and will continue to innovate our product set to give our brokers and borrowers the support they need.”