Large HMO Conversion of Former Student Halls in Sheffield
£1,850,000 · 14 months · 0.97% pm. A specialist student accommodation operator acquired a former university-owned building in Sheffield comprising 28 study bedrooms over four floors, requiring significant refurbishmen...
The Client
Specialist student accommodation operator
The Challenge
A specialist student accommodation operator acquired a former university-owned building in Sheffield comprising 28 study bedrooms over four floors, requiring significant refurbishment to bring the facility up to current HMO standards.
Our Solution
Doulton structured a £1.85m development-style HMO facility with staged drawdowns tied to build completion floors. The borrower's planning consent and HMO pre-licensing discussions with Sheffield City Council gave Doulton comfort on the exit.
The Outcome
All 28 rooms refurbished and the building fully licensed. Tenanted at 100% occupancy within six weeks of completion, primarily through a university accommodation partnership. Specialist PBSA mortgage redeemed the facility. Key highlights: 28-unit HMO facility structured as staged drawdowns; University accommodation partnership confirmed tenants; 100% occupancy within 6 weeks of completion.
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