Empiric Student Property Plc has entered into a forward funding arrangement with Linford CZero Ltd to develop a 185 bed student accommodation scheme, for £19.53 million.
The plans call for the redevelopment of a complex of Grade 2 listed buildings and the construction of a contemporary new 15 storey tower. The student accommodation scheme will consist of a mix of studios, duplex apartments and one, two and three bedroom apartments.
The accommodation will also come equipped with communal spaces including a gym, cinema, library, games room, study area, laundry facilities and a garden terrace on the third floor.
Three ground and basement level commercial units will be converted into food and drink outlets and will be retained by the developer on a long leasehold basis.
The Emporium will be located in central Birmingham, adjacent to the new city centre campus of Birmingham City University. In addition, both Aston University and Birmingham Metropolitan College are situated close by.
This latest acquisition marks the groups third investment in Birmingham, and will take the total number of beds owned by the group in the city to 368. The scheme will be marketed and managed by Hello Student and is due to be completed in Spring 2018, ready for the 2018/19 academic year.