Flats in Ipswich that are often used by students and NHS workers are set to get a nearly £4m makeover. 

The revamp at Spring Court has been funded through a loan from Secure Trust Bank (STB) Real Estate Finance and is worth £3.9m.

This adds to the previous £29.3m work that the owner of the block Castleforge have been doing since 2022.

The flats are purpose-built for students and NHS staff and are located within walking distance of the University of Suffolk’s Ipswich campus and Ipswich Hospital. 

The block was acquired by London-based real estate investment firm Castleforge, in December 2023 and drew plans for a two-part loan over three years  STB Real Estate Finance.

Management accountant at Castleforge Jayan Patel said: "We are extremely pleased that we’ll soon be able to transform Spring Court thanks to another deal with STB Real Estate Finance.

“We are on a mission to boost quality around the rental sector, especially in large blocks that are in need of care and attention.

“Given that the demand for rental properties is increasing, our long-term objective is to improve the quality of mid-to-large apartment blocks to ensure renters and students can enjoy a greater standard of living.”

There are 88 bedrooms across 24 flats at Spring Court.

Senior relationship director at STB Barry Gorton believes that the cash will help modernise the building. 

The firm owns 12 complexes in major locations across the UK, including Liverpool, Birkenhead, Wirral, Castleford, Manchester, Norwich and Birmingham.

The terms for these deals will expire in April 2027, after which the properties will be refinanced.