Accomodation will go ahead for 353 students at Slade Park, the former Territorial Army barracks in Oxford.

Julian Hodge Bank has agreed to fund the project with Unite Group, the UK’s largest provider of professionally-managed student accommodation.

The bank will buy land at Mascall Avenue for the student accommodation from Berkeley Homes. The 353-bed scheme at Slade Park will be a £30m investment and is Unite’s first student accommodation in Oxford.

The company will manage the site, which is expected to provide homes for students from Oxford Brookes University.

The new accommodation will feature three, four and five-bedroom flats, and 21 single.

The development will also create a common room, a courtyard area including 180 secure cycle spaces and on-site recycling facilities. construction work is expected to start in the spring.

The 1.8-acre site was acquired by Berkeley Homes for £11m, with Oxford City Council, as the landowner, receiving £8m and the Ministry of Defence £3m.

Berkeley will retain part of the site to build 72 other homes, including a selection of flats and town houses.

Unite has built accommodation for 36,000 students in 23 towns and cities in the UK and manages a property portfolio valued at £1.7bn.

Mark Hartery, who concluded the deal for the bank, said: “Once again Unite has bought a great urban site and the finished building will bring much-needed student accommodation to Oxford.

James Hunt, Unite’s acquisition and development director, said: “Our investment furthers our strategy of securing the very best locations for our student customers.”