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Amicus Provide Funding for Sheffield Development

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

Short-term property lender Amicus, is to fund a 127-bed student accommodation development in Sheffield.

Amicus Property Finance has provided £5.5 million for Golden Sands Development's Riverside building, which is located to the north of the city centre.

It's understood the property has pre-sold more than half of the units and is expected to be completed towards the end of the year.

The site is situated within walking distance of the University of Sheffield and Sheffield Hallam University and has a 250-year long leasehold.

The Riverside scheme has an estimated gross development value of £8.5m, with a build cost of about £5m.

Commenting on the deal, Shoaib Bux, divisional director at Amicus Property Finance, said: "We're delighted to have provided funding to GSD Riverside.

"We were really impressed with the developer and their strong connections with overseas sales agents which meant the site had already secured 50 per cent of pre-sales.

"There is strong demand for this type of high spec student accommodation in Sheffield which is currently experiencing a boom in its student population."

Golden Sands Development went on to add that the funding will allow the company to move away from self-funding, which will enable them to quick expand their portfolio.