UK: Investec Bank has made a £17 million loan to fund the development of a 150-unit coliving scheme in Birmingham city centre.
The development will see Richmond House, a 67,000 square foot former university building, into The James Birmingham, the city’s first coliving scheme.
The plans include a two-storey rooftop extension and shared facilities, including a communal kitchen and dining areas, 166 bike parking spaces, a podcast studio and work lounge, a gym, a games room and a cinema.
Founded in 2018, The James coliving brand currently has 302 apartments in operation across three fully occupied assets in Liverpool, Manchester and Sheffield.
A further 406 units are in development, including The James Birmingham as well as a future scheme in Manchester.
Ian Burdett at Investec said: “The appeal of co-living is rapidly expanding across the UK. Having initially gained traction in London, the sector is now increasingly reaching other major regional cities, where housing supply and the ability to get on the housing ladder is a challenge for many. Students and young professionals are also increasingly drawn to the sector’s vibrant amenity and community offering. The James’ established track record of delivering high quality schemes across several UK cities made them a natural partner as we look to grow our exposure to the sector.”
Grant Sulkin, co-founder of The James, added: “We are thrilled to be bringing our product to Birmingham and to be working with Investec on this exciting development. The city’s strong demand for high-quality rental housing aligns perfectly with our vision to create vibrant, well-connected communities for young professionals and postgraduate students.”
