17 May 2024

Principality Commercial supports Urban Creation to transform former Bristol nightclub into high-end student accommodation

Principality Commercial has provided long-term investment funding to one of Bristol’s leading accommodation providers, Urban Creation, to manage high-end student accommodation near Bristol University, offering thoughtfully designed student living in an upmarket location.

For over two decades, Urban Creation has developed and designed living spaces for students and working professionals, boasting quality and comfort. Since 2004, the company has worked to develop over 500 apartments, 750 student bed spaces, and 100,000 square feet of commercial developments across Bristol and the South West.

Urban Creation has developed a former nightclub venue into contemporary student apartments on 48 Park Street. This latest development, costing a total of £4m, contains four two-bedroom and two three-bedroom student apartments, a ground floor offering a self-contained retail space, and an external courtyard at the rear. 

Thanks to the investment funding from Principality Commercial, apartments are now being advertised for lettings and the retail spaces are in the process of being allocated to vendors. 

Urban Creation has partnered with Principality Commercial previously on 54/56 Park Street with a commercial investment and hopes to expand its portfolio with further development and long-term investments. The accommodation provider is currently in the negotiation stages for two other projects with Principality Commercial.

Park Street is known as one of Bristol’s most sought-after student locations – attributed to its proximity to the university and various cafes, restaurants, museums, and galleries.

Jonathan Brecknell, the Founder of Urban Creation, said: “We express our continued thanks to Principality for their unwavering support throughout this project and look forward to further endeavours and partnership in the future. The trust and confidence Principality has shown in Urban Creation's vision is deeply appreciated."

Principality Commercial,  which is the commercial arm of Wales’ largest building society, lends across England and Wales, providing finance for both investment and development schemes in the commercial and residential sectors, including supporting housing associations.

Commenting on the partnership with Urban Creation, James Ford, Senior Relationship Manager with Principality Commercial said: “We are pleased to support Urban Creation in the development of high-end student accommodation, which will welcome a new generation of students to a bustling area. The opportunity this presents shows the remarkable knowledge that Urban Creation has gained as one of Bristol’s leading accommodation providers. 

Urban Creation has a proven track record of breathing new life into period properties and creating innovative new builds. 

“Principality Commercial is looking forward to working with Urban Creation further, to continue developing thoughtful properties that not only contribute to Bristol’s legacy but create new opportunities for the areas they serve by demonstrating an innovative approach to design and use of space.”

To find out more, visit www.principality.co.uk/commercial

Published: 17/05/2024