It’s been amazing to watch our dream of bringing co-living to Wolverhampton become a reality. Now, we have completed phase two and move on to the next phase, enabling us to offer more rooms to people looking for great value high quality accommodation.
The Studios24
Development Finance
24 Birch Street Ltd has received in excess of £4.5m of funding from Assetz Capital, to support the delivery of the second phase of £11m co-living residential development, TheStudios24.
The development occupies a landmark abandoned office building at Birch Street in Wolverhampton. Built in the 1960s, the 12-storey building was once the tallest tower in the city. Phase two of TheStudios24 will see the conversion of 72 rooms, following the completion of 93 rooms in phase one, a stage also underpinned by £2m of Assetz Capital funding.
Upon completion, TheStudios24 will feature 218 en-suite studio apartments, with shared facilities including: kitchens; working and relaxation areas; a café and bar; gym; laundry and high-speed internet. Construction on the project began in May 2016, with completion expected in 2019.
The project has created around 40 new jobs in the local area, and the first three floors of the apartments have been fully let.
£4.5m
Amount lent
10
months
Loan term
55%
LTGDV
The Studios24
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