Student village opens in Preston with £1.4m bank support

The first phase of a new student village in Preston has opened with support of £1.4m funding from Lloyds Bank Commercial Banking.

The Village, a 24,000 sq ft scheme from developer Limeoak Properties, transformed an unused property on the Fylde Road Industrial Estate into apartments for students attending the nearby University of Central Lancashire (UCLan).

The development comprises 50 studio, one-, two- and three-bed apartments along with a laundrette, 24-hour concierge service and parking for all residents.

Faruk Essap, who co-owns Limeoak with business partner Salim Tailor, said: “So far the development has been a huge success, and the students have commented on how spacious the apartments are.

“We’re expected to start developing the second stage of the Village in spring next year and will be transforming another unused building into 15 new apartments.”

He continued: “We’ve been developing properties for more than 15 years, but it’s been extremely beneficial to work with the property team at Lloyds Bank, as they completely understand the sector and the challenges that we’re facing.”

Jim Jones, relationship director, North West Real Estate with Lloyds Bank Commercial Banking, commented: “The Village is a unique development that is ideally situated for students, with easy access to both the university and the city centre.

“The UK housebuilding sector is expanding, and our research shows that two-fifths (42%) of companies have increased their growth forecast since the EU referendum result.

He added: “Our team of specialist property relationship managers are here to help businesses like Limeoak Properties capitalise on new opportunities, which is why we have committed to increasing our net lending to SMEs by £1 billion every year until 2017.”

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