UK rental accommodation provider The James has secured a £17m loan from Investec Bank to fund the development of a 150-unit co-living scheme in Birmingham city centre.
The company intends to transform the 67,000 sq ft Richmond House former university building into The James Birmingham.
The redevelopment will involve the addition of a two-storey rooftop extension and will feature shared facilities including a communal kitchen and dining areas, podcast studio and work lounge, gym, games room, cinema, external terrace and socialising area.
Founded in 2018, The James currently operates 302 apartments across three fully occupied assets in Liverpool, Manchester and Sheffield, with a further 406 apartments in development.
Ian Burdett, from 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. We look forward to working with them again as they build out their portfolio further.”
Grant Sulkin, co-founder at 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. We look forward to delivering an exceptional living experience at The James Birmingham.”
