London & UK Property Limited has secured funding from Hyde Park Finance Limited and PGIM (formerly Pramerica) for its Ivy League Student Living branded student accommodation development at the former Globeworks site in central Birmingham, close to Aston University and Birmingham City University. Seed corn funding was provided by Prosperity Capital Partners.
The scheme will contain 520 student rooms and have a £50m gross development value. It is located on Cliveland Street in an area that was previously industrial but which is fast becoming a hub in Birmingham for student accommodation.
Work commenced on site in late 2016 with completion scheduled for June 2019 to accommodate the 2019/20 student intake.
London & UK Property selected The Nido Collection as the operator for the completed accommodation. The Nido Collection also had an input into the upgraded planning approval that London & UK Property Limited secured for the development in March 2017.
Mike Stares, CEO at London & UK Property said:
“Our scheme responds to a need for student beds in this area of the city. The Birmingham student accommodation market is in good health and we continue to be on the lookout for good sites, not just in Birmingham, but throughout the UK.”
The Birmingham development follows on from London & UK Property’s successful student accommodation scheme in Derby which was completed last year and let to the University of Derby. London & UK Property has further developments planned in a number of locations across the country.
The site previously had planning permission for a similar sized scheme and London & UK Property secured an amendment to the planning permission. The revised application significantly improved the efficiency of the design as well as providing space for a food store and café to serve the students in the building and the surrounding area.