Works commence on £11.5m luxury student accommodation

 

Construction is getting under way on a luxury student accommodation building in Birmingham’s Gun Quarter. The £11.5million project is the second phase of Volume Works, a development that has transformed the site of a derelict former printworks.

The first phase of the project, which was completed last August and fully let within days, is already home to 48 students. The second phase will house 107 students across seven storeys when it’s completed in summer 2023.

Finance for both phases of Volume Works came from Atelier, a UK-wide lender that is working with a number of property developers in Birmingham and describes the West Midlands as a “major development hotspot”. The company intends to lend at least £50m to residential developers across the Midlands in 2022 alone.

Atelier lending manager Rav Kudhail said: “As students return to campuses across the UK, many are demanding more from where they live – more comfort, security and facilities. Nowhere is that more true than in my home city of Birmingham, where we have no fewer than five universities. Forward-thinking developers like Volume are responding to that demand with purpose-built accommodation that has more in common with a luxury hotel than the student dorms of old. Birmingham’s residential property scene is really booming, and I’ve moved back here from London to spearhead the growth of Atelier’s lending in the West Midlands. We regard the region as a major development hotspot and are keen to play our part in helping get more great homes built.”

Launched just two years ago, Atelier has already lent more than £250m to residential developers across Britain. It has a strong relationship with Volume.Property, the developer and manager of Volume Works. Atelier provided finance for the first phase and is now providing an £8m, two-year loan to fund the construction of the second phase.

The 515 sq metres second phase will comprise 102 luxury en-suite rooms plus five self-contained studios on the ground floor. The accommodation will feature smartphone activated door entry systems, king-sized beds, 40-inch HD TV screens, a 1GBps Broadband cinema room, state-of-the-art gym facilities, 24-hour security and cycle storage. Three of the rooms will be fully adaptable for disabled students.

Anthony Laville, chief executive of Volume.Property, grew up in Birmingham but began his real estate career 12 years ago as a student letting agent in Leicester. After expanding to 16 cities across the UK, in 2016 he switched to property development with a bold vision to bring hotel-standard luxury to the purpose-built student accommodation (PBSA) sector.

Mr Laville, CEO of Volume.Property commented: “The student accommodation sector is changing rapidly and today’s students expect a better level of product and service than ever before. At Volume.Property we’ve been pioneering new ways of enhancing the student experience and that’s been clear in our results. Phase one of Volume Works was oversubscribed by 150 per cent and we’re expecting demand for phase two to be even stronger.”