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Funding Boost for Student Housing in Cambridge
In a significant development for the Cambridge property market, Paragon Bank has secured a funding facility and stabilisation loan totaling £32 million to support Cammaro Limited's new purpose-built student accommodation (PBSA) project. This venture is set to introduce 138 high-quality student units in the sought-after Orchard Park area, just a stone's throw from the prestigious University of Cambridge and Anglia Ruskin University.
Overview of the Development
The new accommodation will feature two separate blocks: one dedicated to studio apartments and the other providing cluster living with en-suite bathrooms. Residents will benefit from shared amenities that include communal spaces, a TV lounge, and games room—facilities designed to foster community living among students.
Significance of the Project
As the first PBSA scheme undertaken by Cammaro Limited, a company previously focused on Build-to-Rent developments in the region, this project marks a strategic entry into the burgeoning student accommodation market. With student housing demand consistently outstripping supply in popular academic cities such as Cambridge, this initiative aims to meet the pressing need for quality living spaces.
The Need for Quality Student Accommodation
A growing number of higher education institutions and an increasing student population drive demand for purpose-built accommodation. Simon Dekker, Senior Relationship Director at Paragon Bank, emphasized the importance of providing quality homes for students. “With a national shortfall of student beds, we're seeing a strong demand for high-quality student residences in university towns,” he remarked, reinforcing the project's significance in addressing this crucial gap.
Future Trends in Student Housing
Looking ahead, the Cambridge accommodation initiative is indicative of wider trends within the property market, where investors are increasingly recognizing the value of student housing as a stable investment opportunity. The focus on community-oriented amenities is also seen as a response to contemporary student needs, paving the way for innovative living environments that enhance the educational experience.
In conclusion, the £32 million student accommodation development not only stands to enrich the housing landscape in Cambridge but also reflects broader investment trends aimed at enhancing student life through thoughtful design and high-quality options.
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