Nelsons has acted for NatWest in a deal to provide funding to a Leicester-based developer, Launch-Padz Limited for the purchase and development of 23,000 Sq ft at Lillie House, London Road in Leicester to offer high quality, affordable accommodation in a prime location for students.
Launch-Padz is converting three upper floors and building a new fourth floor at Lillie House to develop a total of 67 student-let units, comprising 14 one bed studios and 53 two, three and four cluster bed flats.
The £3.5 million scheme is ideal for students, being located above a late night opening Tesco Direct and Indian restaurant on the ground floor, situated next to the train station, close to both universities, and within walking distance of student bars.
Commenting, Julian Levy, a Director of Launch Padz says: “We needed to complete Lillie House in time for the new student intake. It’s been a challenge but thanks to the pragmatic and efficient processing of our application by the council’s planning department, which not only recognised the need for quality student accommodation but that the scheme would set a good standard for the future regeneration of the area, our agents were able to market Lillie House to students in time for this September.
“Having a scheme that was fully-let off-plan ensured we could also demonstrate an excellent proposal for funding from NatWest. Despite the short timescales, the expediency and efficiency with which the bank and its lawyers, Nelsons handled the funding arrangements meant that we could conclude the property purchase quickly and without complication.”
Relationship Director Simon Beals from NatWest Business and Commercial Banking in Leicester, who arranged the funding for the development, said: “Launch-Padz Limited came up with a very exciting project and we were delighted to give them our support. Although the timescales were tight, it was important to ensure we put the right financial package in place. With this in mind, it was a pleasure working with Launch-Padz and James Coningsby at Nelsons to make sure the right deal was done.”
James Coningsby, Head of the Real Estate team and a Director at Nelsons says: “It’s encouraging to see that some of the banks are now lending for developments which they consider to be good investments and we were delighted to have been instructed to act for NatWest on funding for the Lillie House scheme. It was clear on instruction that we would have to act swiftly to complete the deal and we were happy to work with all parties to achieve a smooth and prompt turn-around.”
Lillie House was acquired from Jordan Developments Limited, which was advised by Spearing Waite Solicitors in Leicester. Gavin Hammond, a partner at Thomas Flavell & Sons Solicitors in Hinckley, Leicestershire acted for Launch-Padz in the deal.
