Work has started to convert into student accommodation five adjoining properties close to the centre of Bristol.
Empty for five years and formerly offices, 31-35 Cumberland Street has been bought by Iesis Group, the Bristol-based property and engineering company.
Due to be complete by September, the new building will provide high-quality, individual apartments for 86 students, behind the original grade two listed Victorian façade.
The development is being backed by Hodge Bank, which specialises in providing senior debt funding for real estate investors and developers.
The deal was negotiated by Gareth Davies on behalf of the bank. “We have a long-standing relationship with the Iesis Group and have watched it grow into a major property and engineering enterprise,” said Mr Davies.
“From its offices in Bristol and London, the group has developed a reputation for transforming complex and sensitive sites into attractive buildings across wide-ranging asset classes.
“Valued at £8m when complete, the Cumberland Street scheme will be the latest example of the group’s skill in taking derelict real estate and turning it into a building that meets today’s needs,” he added.
Iesis Group chief executive Iestyn Lewis said: “We are delighted to have secured this complex site and once again to be working with Hodge Bank.
“Cumberland Street represents an area undergoing significant positive change and our development will help preserve this important listed building for the long term.”