Investec Structured Property Finance (“Investec”) has agreed to provide £53.5m in funding to a joint venture between Scape UK and HG Construction for the development of 403 purpose built student accommodation beds and 113 Co-Living units in Guildford.

The scheme, Scape Surrey 2, is located next to the main University of Surrey campus and is scheduled to open for the 2020/21 academic year, with the Co-Living element following in 2021.

Shane Ryan, at Investec, said: “We are pleased to be working alongside Scape UK again to deliver Scape Surrey 2. We are aware of the limited supply of Grade-A student accommodation in Guildford, particularly studios, and are encouraged by the excellent performance of Scape Surrey 1.

“Increasingly we are seeing more innovative developers delivering a mix of tenure types within the same scheme, which reflects the blurred lines that now exist between the different use classes that encompass the private beds (built) for rent sector. Having created a reputation as a market leading provider of development finance for schemes across the UK, we continue to look at opportunities to grow our exposure across this sector.”

The scheme will be finished to a high quality ‘Scape’ specification throughout, with emphasis on communal space for students to share and socialise with their immediate neighbours. Amenities will include a large break-out reception area, cinema room, open plan kitchen area, laundry rooms and outdoor area, with similar facilities for the Co-Living tenants.

Adam Brockley, at Scape UK, added: “Investec have been an absolute pleasure to work with being proactive throughout the process. They have demonstrated a deep understanding of the sector and a commitment to concluding the transaction that has been invaluable given the short timescale.”