A multimillion pound renovation project in Sunderland city centre has seen an unused office transform into luxurious student accommodation. The iconic building was developed by SSG Properties with support of a multimillion pound funding package from Lloyds Bank Commercial Banking.
SSG Properties is a joint business venture between North-East property developers, Grayson Properties and Union Properties, who both have extensive experience in the sector.
The firm used local subcontractors to regenerate the building, creating over 100 new job opportunities for the area.
The development offers luxurious accommodation to students at the University of Sunderland and is situated near to local amenities, public transport links and The Bridges Shopping Centre. In addition to the main accommodation complex, the lower level offers commercial units to let to local SMEs and retail outlets.
The renovation of the office building was managed by Magdalena Gajos-Docherty, co-director of Grayson Properties. Gajos-Docherty also designed the colourful façade, which makes the building a centrepiece in the city centre.
City View accommodation comprises of 88 double rooms within a range of penthouse and deluxe studios and three, four, five and six-bedroomed flats. All rooms have an en-suite bathroom and communal areas are fitted with a 60-inch television and high speed WiFi.
Akash Ghai, co-director of Grayson properties commented: “After the success of our initial project, City View at Thornhill two years ago, we saw the vacant high street building as an opportunity to create modern housing for Sunderland’s growing student population.
“We hope that the development will help support the area’s bright economic outlook as the complex will increase footfall to the area and see smaller businesses thrive which will, in turn, boost the local economy. On completion, City View at Phoenix House was fully let and now has 90 students accommodating the building.”
Nic Franklin, relationship director at Lloyds Bank Commercial banking, added: “This is the second project we have supported SSG properties on and we’re confident it will be another major success.
“Real estate is an important sector for Lloyds Bank. Our latest report looking at UK housebuilders found firms expect to increase their annual turnover by 28 per cent in the next year, up from 25 per cent last year. As confidence grows, we are committed to providing tailored support to meet the growth ambitions of our customers in the industry.