Aldermore provides multi-million pound loan for student accommodation development in Northampton

27 May 2025

Aldermore has provided a multi-million-pound property development loan to College Street Northampton LLP for the delivery of new purpose-built student accommodation (PBSA) in Northampton. Once complete, the scheme will be operated under the Zone Luxury Student Accommodation brand. The main build contract has been awarded to Zone Developments, a highly experienced PBSA contractor.

The development responds to the growing demand for high quality private PBSA in Northampton, where the University of Northampton’s expanding student population has outgrown supply - with 64% of students currently unable to access purpose-built accommodation.

The new five-storey ground-up development will feature 101 studio bedrooms, alongside a gym, lounge, communal outdoor terraces and secure bike storage for 104 bikes. All studios will feature ensuite shower rooms, private kitchens and built-in desk and storage furniture. The development benefits from a town centre location, within walking distance of the University of Northampton and close to local shops, restaurants and amenities.

College Street Northampton LLP is a family-run PBSA operator. Zone Developments has successfully delivered numerous PBSA schemes across the region, including the current 203-unit Drapery development in Northampton town centre which is fully let for the current academic year as well as being 100% let for the 25/26 academic year.

Jonathan Driver, Commercial Real Estates Business Development Manager at Aldermore, said:

“We’re delighted to support College Street Northampton LLP with this PBSA project. There is a lack of high-quality student accommodation in the town, and this development will provide much-needed modern, well-located accommodation for students at the University of Northampton. At Aldermore, we’re committed to backing ambitious developers who are creating high-specification, sustainable living spaces, and we look forward to seeing this project come to life."

Neil Thakkar, College Street Northampton LLP said:

“It’s fantastic to have Aldermore’s support as we look to expand our business in the Midlands and meet the demand for purpose-built student accommodation. For over a decade, we’ve been servicing students in Leicester, but we began to see a real need for PBSA developments in Northampton and we knew we could help address this, to provide high-quality accommodation for the local student population – and it’s been made possible with the help of Aldermore.”