£4m Gun Quarter deal fires starting pistol on £45m development

A £4.2m land deal in Birmingham’s Gun Quarter will fire the starting pistol on a £45m student accommodation development.

The Globeworks site has planning permission for 520 student rooms on a one-acre site on Cliveland Street, which is a short walk to Aston University and Birmingham City University.

Private equity real estate business Prosperity Capital Partners and London & UK Property have bought the site. Prosperity will provide equity funding for the scheme and London & UK will be the developers.

Construction will start this month and the scheme will be delivered in time for the start of the 2018/19 academic year.

Gavin Barry, chief executive 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.”