A Cardiff University student accommodation scheme by McLaren Property Holdings and PMG Group has secured development and investment finance.

The 355 bed scheme will receive funding from Investec Bank's Structured Property Finance as part of a £23.2m stretch senior debt facility, which will fund the scheme through to completion, targeting the start of the 2017/18 academic year.

McLaren entered into a JV with PMG to acquire and develop the 70,000 sq ft site at Fitzalan Court on Newport Road, Cardiff city centre. Full planning permission has been secured to turn the existing 1980s office campus, consisting of seven buildings, into a 271 studio and 84 two-bed cluster living space, complete with large communal space and local amenities.

Mark Bladon at Investec Structured Property Finance, said: "We are pleased to be able to assist McLaren on this exciting project, delivering high-spec, innovative accommodation solutions in a leading university city. Student accommodation is one of the fastest growing use classes in the UK and one that the Investec Structured Property Finance team has a wealth of experience lending in."

Communal facilities will include a landscaped courtyard, a resident's common room, gym, cinema, lounge, games area, coffee bar and study areas.