Transformation of Nottingham’s Island Quarter Begins with £50 Million Investment

Transformation of Nottingham’s Island Quarter Begins with £50 Million Investment

A massive transformation project in Nottingham has been given the greenlight, as approximately £50 million of funding has been agreed for a 693-bed student accommodation scheme. Developer Conygar is set to complete the site by 2024, and will be raising an additional £30 million through the issue of zero dividend preference shares early this year.The Island Quarter site – which is situated on sprawling land on the city’s east side – will be turned into a three-storey pavilion featuring restaurants and a rooftop terrace. Chief executive Robert Ware said he “is delighted to have secured the facilities with Barclays which now enables both the completion and also the subsequent letting of the student accommodation development at The Island Quarter”. Covering 36 acres in total, it received outline planning permission in 2019. Furthermore, plans have been submitted for 249,000 sq ft of bioscience laboratory and office space within the development. With these funds now secured, work can begin on transforming The Island Quarter into an exciting development for Nottingham residents.

Summary

  • Almost £50 million of funding has been agreed to support the completion of a 693-bed student accommodation scheme in The Island Quarter site, Nottingham.
  • Developer Conygar said it had agreed up to £47.5 million of new banking facilities with Barclays, secured against the city centre development area.
  • Conygar said it also hoped to raise £30 million of additional capital through the issue of zero dividend preference shares early this year.

What funds will be used to complete the 693-bed student accommodation scheme in The Island Quarter site, Nottingham?

The funds to complete the 693-bed student accommodation scheme in The Island Quarter site, Nottingham are up to £47.5 million of new banking facilities with Barclays and £30 million of additional capital through the issue of zero dividend preference shares.

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Picture source: Bookitlist


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