A Redditch property firm will see its yearly income increase by as much as £250,000 after opening 40 student flats in Coventry city centre, with the support of a £1.5 million finance package from Lloyds Bank Commercial Banking.
Terry Developments developed flats at Alouise House in Coventry, which provides on-site security and cameras, as well as off-street parking for all residents. All rooms have already been let for the academic year 2020/21, which will help to boost the business’ turnover.
The building complex will help to meet the growing demand for student accommodation in the city. According to figures published by the Higher Education Statistics Agency, Coventry University has been expanding faster than any university outside London, with the number of students enrolling at Coventry University growing by 24% since 2014/15.
The new building is the largest development in the Terry Developments’ portfolio, which includes accommodation for more than 200 students across the West Midlands. Business owner Alan Earp played a hands-on role in the development of the flats, from operating machinery to laying the carpets himself to ensure that each flat was completed to his own meticulous high standards.
The loan forms part of the £2.5 billion Lloyds Bank anticipates lending to businesses across the Midlands in 2020. The finance will also help the business with future projects.
Alan Earp, Managing Director at Terry Developments, said: “This is the biggest project we have undertaken and it’s great to see what a success it has been. The city is becoming a popular destination for students and we’re pleased to be able to offer them high-quality living accommodation in the heart of the city.
“The finance package from Lloyds has enabled us to access the money as and when we’ve needed it, which has been vital to ensuring that everything has run smoothly. They have explained everything to us in clear and simple terms and have been by our side throughout the process. We look forward to continuing our relationship with them moving forward.”
Mike Murphy, Head of Property for the West Midlands at Lloyds Bank Commercial Banking, said: “Coventry has established a fantastic reputation as an education hub in recent years, which has led to a surge of students moving to the city.
“Terry Developments are helping to meet the rising demand for accommodation that this has brought with their new suite of luxury flats. We will continue to support them and other businesses to help meet the growing demand for student property in the region in the future.”