Student accommodation provider Urbanite has secured a £6.3 million finance facility from Paragon Development Finance to support its 127-bed scheme in Sheffield.

The development is based on Henry Street in the heart of the city and is well placed to serve both the University of Sheffield and Sheffield Hallam University. The company has already broken ground on the scheme and it is expected to be complete for the 2022 academic year.

In addition to the five-storey accommodation block, there will be further development of the local infrastructure, as well as additional cycle storage and landscaping. Within the development itself, residents will also be able to enjoy a concierge, student common room, cinema, as well as quality communal kitchens and dining areas.

Urbanite is an experienced developer of student accommodation and boasts property in key student cities, including York, Glasgow, Sheffield and Leeds.

Timothy Smith, Director at Urbanite said: “Sheffield boasts two excellent universities and is an increasingly popular location for students to study and live. We are confident there will be strong demand for this development as students seek a little bit of luxury away from home.

He added: “Paragon provided a seamless service, understanding our requirements and acting with efficiency to support us getting this scheme off the ground.”

Paragon Relationship Director Simon Dekker said: “The purpose-built student accommodation market remains very active with continuing demand evidenced in strong locations such as Sheffield city centre.

“We are delighted to provide our first facility to Urbanite ahead of its opening for the 2022 academic year and look forward to supporting their ongoing growth in the years to come.”