Client: Castle Square Developments
Banks Long Lead: Tim Bradford
The Brief: Banks Long & Co were instructed to direct the client towards the most suitable and deliverable property development for a three-acre site owned by Castle Square Developments, located to the rear of Valentine Retail Park, accessed off Tritton Road and within easy reach of the University of Lincoln campus.
Banks Long & Co Solution: The subject site was suitable for development across a number of sectors, but through the close contact that Banks Long & Co maintain with all key stakeholders in the City of Lincoln (including the University), the firm became aware of the need for student bed spaces.
This was an emerging requirement that the University was generating through a provision of courses, including the new medical school, which led to more students needing cars in the city.
Through careful discussion with the University and a comprehensive understanding of its income models, Banks Long & Co arranged a leasehold structure that provided Castle Square Developments with the opportunity to fund a major new build student development on the subject site, with the benefit of on-site car parking.
The Result: The new student housing scheme, now known as Valentine Court, provided 469 new student bedrooms arranged around a lower rise development model, providing flexibility for the future as student needs develop.
The new development had a number of risks that needed to be managed carefully, including the delivery of the project for September 2019 in line with the start of the academic year.
Banks Long & Co were instrumental in ensuring that the development completed on time and on budget. In addition to the project management services provided, the firm also arranged the forward funding of the scheme on behalf of the client, using the team’s expertise in this field to ensure that all requirements were met under the funding arrangements. This allowed Castle Square Developments to complete the project and hand it over to the new institutional investors, who had the benefit of a long lease with the University of Lincoln. In turn, the University of Lincoln was delighted with the finished product and the scheme welcomed its first students on time in 2019.