Aldermore has provided a multi-million pound development loan to College Street Northampton LLP to fund a new purpose-built student accommodation (PBSA) scheme in Northampton town centre.
The scheme, which will be operated under the Zone Luxury Student Accommodation brand, comprises a five-storey building offering 101 studio bedrooms. It aims to address the growing shortfall in private student housing in the area, where 64% of students are currently unable to access purpose-built accommodation.
Located within walking distance of the University of Northampton, the development will also feature a gym, lounge, outdoor terraces and secure cycle storage for 104 bikes. Each studio will include an ensuite shower room, a private kitchen and built-in study and storage areas.
The project is being delivered by Zone Developments, an experienced PBSA contractor, which is also behind the 203-unit Drapery development in Northampton. That scheme is already fully let for the current academic year and has been pre-let for 2025/26.
The borrower, College Street Northampton LLP, is a family-run operator with a track record in PBSA delivery, primarily in Leicester. Its latest move into Northampton comes in response to the growing demand for quality student housing in the East Midlands.
Jonathan Driver, commercial real estates business development manager at Aldermore, said: “We’re delighted to support College Street Northampton LLP with this PBSA project. There is a lack of high-quality student accommodation in the town, and this development will provide much-needed modern, well-located accommodation for students at the University of Northampton.
“At Aldermore, we’re committed to backing ambitious developers who are creating high-specification, sustainable living spaces, and we look forward to seeing this project come to life.”
Neil Thakkar of College Street Northampton LLP added: “It’s fantastic to have Aldermore’s support as we look to expand our business in the Midlands and meet the demand for purpose-built student accommodation.
“For over a decade, we’ve been servicing students in Leicester, but we began to see a real need for PBSA developments in Northampton and we knew we could help address this, to provide high-quality accommodation for the local student population – and it’s been made possible with the help of Aldermore.”
Construction is now underway, with the development expected to be ready in time to meet strong demand in future academic years.
