Private equity real estate business Prosperity Capital Partners (Prosperity), and London & UK Property (LUKP), have acquired the Globeworks site in Birmingham city centre, triggering the green light for a £45 million student accommodation development.
The Globeworks site has planning permission for 520 student rooms arranged as 176 ensuite bed spaces, 254 studio bed spaces and 90 twodio bed spaces in a five to 10 storey building. A lounge, games area, study centre, reception, offices, cycle storage and other amenities will be located at ground level, along with a new landscaped frontage onto the canal that runs next to the site. The architect is tp bennett.
The 0.407 ha (1 acre) Gun Quarter site sits on Cliveland Street, within five minutes’ walk of Aston University and 10 minutes Birmingham City University. It was acquired for £4.2 million.
LUKP will develop the scheme while Prosperity will provide equity funding for the scheme.
Gavin Barry, CEO of Prosperity Capital Partners, said: “Birmingham has a thriving higher education sector with almost 60,000 full time students but student accommodation is an undersupplied market here, with a clear need for better quality facilities as well as more bed spaces generally.
“This is a well-designed, well-located scheme and we’re in the strong position of being able to take forward these plans immediately now the site acquisition is complete. Construction will start this month and the scheme will be delivered for the 2018/19 academic year.”
Mike Stares, Chief Executive of London & UK Property, said: “This site has the advantage of offering purpose-built student accommodation with the modern spaces, communal areas and amenities that students need all in one place, as well as the attraction of a canalside location that is close to university campuses and the rest of the city centre.”