Shawbrook has provided £3.1m in development finance for a scheme that will transform The Old Tavern, a former pub in Stapleton, Bristol, into purpose-built student accommodation.
The 16-month facility will fund the delivery of 33 student beds. The project has an estimated gross development value of about £4.6m, according to Property Wire.
The transaction illustrates how established commercial buildings can be repositioned for residential and accommodation uses where local demand and planning conditions support a change of use.
For property professionals following adaptive reuse, the scheme underlines the role of development finance in moving smaller urban regeneration projects from acquisition or planning stages into construction.