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Volume Works, Birmingham, gets £8m Loan for Phase Two

Posted by Aisling Murphy in ,

Image courtesy of Flickr, Creative Commons

A two year loan of £8m has been provided by Atelier, a UK-wide lender, for the second phase of Volume.Property's luxury PBSA, Volume Works, in Birmingham's Gun Quarter.

Formerly the site of a Printworks, the £11.5m project completed its first phase (also funded by Atelier) in August 2021. It is reported that the 48 beds made available at this stage were fully let within days of completion.

Construction of the second phase is now underway, and is expected to be completed in the summer 2023.

Phase two will provide an additional 107 units, consisting of 102 luxury en-suite rooms, three of which will be fully adaptable for disabled students, and five self-contained studios. The accommodation will also feature smartphone activated door entry systems, king-sized beds, 40-inch HD TVs, 24-hour security, cycle storage, and communal spaces including a cinema room and gym.

Situated just five minutes' walk from the city centre and ten minutes from both Birmingham City University and Aston University, the project aligns with Atelier's mission of powering urban regeneration and delivering value to local communities.

Rav Khadhail, lending manager at Atelier, 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, commented: "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".