Work begins on second phase of £11.5m student scheme
Work has started on an £11.5m student accommodation scheme in Birmingham’s Gun Quarter.
The project is the second phase of Volume Works, a development on the site of a derelict former printworks.
The first phase of the project, which was completed last August, is already home to 48 students. The second phase will house 107 students across seven storeys when 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 says it 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.”
Anthony Laville, CEO of Volume.Property, added: “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 I of Volume Works was oversubscribed by 150% and we’re expecting demand for Phase II to be even stronger.”
