Barwood Capital has acquired a student accommodation scheme on Hagley Road in Edgbaston, Birmingham, for £30m.
The acquisition, which was made through the firm’s Regional Property Growth Fund V, was made in partnership with Dudley Taylor and Cassidy Group, and marks Barwood’s first foray into student housing.
The development is located on the site of the former St Chads Hospital and a detailed planning consent exists to retain and refurbish the Grade II listed buildings with three additional buildings constructed to create a village-style campus, including 80 cluster rooms, 133 studios and 13 apartments.
The on-site amenity provision will include a large gym and exercise studio, a 29-seat cinema, communal kitchen with hosting facilities, external courtyards, and seating areas, and numerous break-out and study areas.
Edward Henson, director at Barwood Capital, said: “Barwood is delighted to be teaming up with funding partner, Dudley Taylor and the Cassidy Group for delivery of this exciting scheme. It is hugely satisfying to recycle these heritage assets; bringing them back to life.
“The accommodation will help meet growing demand in the city for modern, purpose-built student accommodation as well as free up traditional residential properties for families looking to move to the area. The design, construction and operation of St Chads all seek to deliver a strong sense of community and inclusivity, amongst the residents.”
James Cassidy, director at Cassidy Group, added: “Having secured detailed planning consent for the scheme, Cassidy Group are now looking forward to the delivery stage and being able to create a best-in-class student facility to serve the Birmingham student community.”
