Lincoln-based Property Consultant Banks Long & Co is reporting closing one of the largest investment property deals in Lincoln in recent times, providing yet more evidence that the City is in a strong place compared to similar locations countrywide)?
In a deal where local involvement was key, the development, Valentine Court – a new 469 bedroom student community being built next to Valentine Retail park – is being delivered by Castle Square Developments (CSD) which has been investing in Lincoln since the early 1970s.
CSD is not only using Banks Long as its Development Consultant and Project Manager but is using local architects Stem Architects as designers, building contractor Lindum Construction to build the project and Wilkin Chapman Solicitors to handle the complex legal elements.
Banks Long has arranged the sale of the completed development to a major UK Institution for an undisclosed multi-million pound figure.
Managing Director Tim Bradford said: “We advised CSD to finance the development through a forward funding route, as the terms offered compared very favourably to other major UK University cities. This demonstrates how highly Lincoln ranks with Institutional investors. With turmoil in the market created from Brexit, we were delighted to complete the deal just before Christmas.“
CSD is a serial investor in Lincoln and despite the uncertainty in the wider market is backing the City’s ambitious drive for growth).?
“Rather than leaving the capital tied up in the student development, our client has decided to actively pursue new investment opportunities in the City. CSD is particularly keen to develop sites which create new employment. Reinvesting the capital locally is very important to this client and we will be looking at a wide range of new opportunities as they arise during the year,” added Mr Bradford.
Valentine Court is due for completion in September 2019 and comprises purpose-built 4-storey blocks with on-site car parking, creating 469 bedrooms. The development will be operated directly by the University of Lincoln.