Barclays has provided a £10m finance facility to support Eagle One Group in its development of a new 203-bed student housing complex on the site of the former Pickford’s warehouse, which was also owned by Eagle One, on Lower Bristol Road in Bath.
Established in 1984, Bristol and Exeter-based property company Eagle One Group, is a private firm operating across the South West with an asset portfolio of more than £190m. Worth in excess of £30m, the student complex is the company’s largest development to date and is expected to complete in January 2021.
The project involves the redevelopment of the former warehouse into two, four and five storey accommodation blocks, comprising largely of cluster flats offering shared kitchens and dining spaces, numerous flexible study and social areas and an on-site gym and on completion. Once completed its aim is to help to meet the existing shortage of student accommodation in Bath.
Paul Goodes, Managing Director, Eagle One Group, said: “Barclays was aware of the project and their ongoing development funding for our residential retirement business, Blue Cedar Homes, provided a template for the process to be able to access the finance for this development. The transaction was completed when it needed to be and with sensible flexibility. We look forward to continuing to work with Barclays now and in the future.”
Steve Hocking, Barclays Real Estate Director, added: “Providing the financial facility is an exciting opportunity to support a long standing client to adapt to the current environment and enable the continuation of what is their biggest build to date. I’m pleased that we have been able to support our client in this way during these challenging times, which has to be good news for students looking to study in the city, as well as the local economy.”