Shawbrook has provided £3.1m in development finance to convert a former Bristol pub into a 33-bed purpose-built student accommodation scheme, with the project now approaching completion.
The 16-month facility is funding the redevelopment of The Old Tavern in Stapleton, which combines the conversion and extension of the Grade II listed property with a new two-storey building in the grounds. The completed scheme will offer a mix of cluster and studio accommodation, with ensuite bedrooms, communal areas and amenity space.
Listed building considerations
The project carries an estimated gross development value of approximately £4.6m. The property’s listed status, along with planning and construction considerations, required the developer to seek a lender capable of arranging development finance around more complex requirements.
Broker Page Property Finance introduced the developer to Shawbrook, with both parties already familiar with the bank’s PBSA lending activity in Bristol. Mike Page, director at Page Property Finance, said: “The client needed a lender that understood the PBSA market and could get comfortable with the additional considerations that come with a listed building development.”
Bristol student accommodation market
Greg Pescott, relationship director for development finance at Shawbrook, noted that the scheme brings a historic Bristol property back into use while delivering new student accommodation. “The combination of the listed building and new-build elements makes this a particularly interesting project,” Pescott said.
The development adds to Bristol’s student accommodation market at a time when property professionals are backing reforms aimed at improving transparency in the sector. The project represents a growing trend of heritage building conversions for student accommodation, which requires specialist financing arrangements distinct from standard residential property developments.
The facility was structured to support the project’s delivery timeline, with completion now expected within the original 16-month financing period.
