UK-wide lender – Atelier – has provided an £8m two year loan for the construction of the second phase of Volume Works, a luxury purpose-built student accommodation (PBSA) scheme in Birmingham’s Gun Quarter. The funding follows a strong relationship with Volume.Property, the developer and manager of Volume Works.
The £11.5m project has transformed the site of a derelict former Printworks – and construction is getting underway on the building. The scheme is expected to complete in summer 2023.
The first phase of the project – home to 48 students – completed in August 2021 and was fully let within days. The 515m2 second phase of Volume Works will deliver 107 units – a mix of 102 luxury en-suite rooms and five ground floor self-contained studios. Three rooms will be fully adaptable for disabled students.
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.
“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.”Anthony Laville, CEO, Volume.Property
Situated just five minutes’ walk from the city centre and ten minutes from Birmingham City University and Aston University, Volume Works is in keeping with Atelier’s mission of powering urban regeneration and delivering lasting value for local communities.
Launched two years ago, Atelier has already lent over £250m to residential developers across Britain. Financing both phases of Volume Works, Atelier 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.
“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.”Rav Kudhail, Lending Manager, Atelier