A NEW 454-bed Bournemouth student accommodation scheme has gained a financial boost to the tune of over £20 million.

The development located on Christchurch Road is scheduled to open for the start of the 2017-18 academic year in September.

Curlew Student Trust are delivering the latest addition to the town's growing student accommodation offering and the asset management company now has substantial financial support from Investec.

The banking group has agreed to provide £23.6m development finance for the scheme.

These funds will be used through to the completion of the accommodation in August this year, with a further 18-month investment period.

Mark Bladon, of Investec, said: "Investor appetite for well-located student accommodation schemes in the UK shows little sign of abating, with the long-income profile of these operationally backed assets particularly attractive.

"Both of Bournemouth’s higher education institutions, which collectively total more than 23,000 students, continue to grow in reputation, a key factor in our decision to again partner with an experienced and trusted operator in Curlew to deliver this purpose-built scheme.

“While the UK’s reputation as a global hub for students remains, we will continue to consider schemes that require bespoke financing facilities and draw on our significant use-class expertise.”

The Bournemouth accommodation is being completed by developer Watkin Jones.

The investment in the area is the second large deal made by Investec with Curlew in a matter of months.

Investec’s exposure to Curlew now stands at £71.3m, after a £47.7m deal in April for the development of a 527-bed East London student accommodation scheme.

Brett Robinson, director at Curlew Capital, the investment adviser to Curlew Student Trust, said the partnership with Investec is ongoing.

“We continue to both identify and undertake student accommodation schemes of this nature, which offer market-leading returns and which we have the track record and resources to deliver on behalf of our investors," Mr Robinson said.

"With a significant supply demand tension for high-quality accommodation, Bournemouth is an ideal fit with our investment strategy, as is partnering with one of the UK’s leading and most respected providers of development financing.”