UOWN has partnered up with IconInc, a luxury student accommodation brand, to help finance an extension to one of their established sites in Lincoln. We have already to date raised two trances totalling £750,000 for the development during 2021. The third tranche will be a raise of £250,000, which will be secured by way of a charge over the asset. The return will be an 8% per annum return, paid out monthly (first payment on the 5th of November). The timeline of the project is 30 months. We are projecting a 20% return on investment.
Since launching the first two tranches we have achieved an enhanced planning permission to enable us to build the desired number of apartments. Over the next 6 months we are continuing with pre-commencement works, which includes demolition, detailed planning documents and other professional reports; all of which will enable a more efficient and streamlined build program. The 41 units will be completed by the summer of 2023 in time for the academic year.
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