Funding has been secured for the second phase of an £11 million high quality residential development, which is bringing the co-living concept to Wolverhampton for the first time, it was announced yesterday.
Developer The Studios24 has agreed a £4.5 million finance package with Assetz Capital following completion of 93 rooms in phase one and the start of 72 rooms in phase two.
The Studios24, at Birch Street, will eventually have 218 en-suite studios, arranged as apartments, with shared facilities including kitchens, working and relaxation areas, a café and bar, gym, laundry and high speed internet.
Around 40 new jobs have been created by the development, which is breathing new life into a dilapidated 12-storey office building – the former HQ of Carillion – and helping to transform the neglected Westside area of the city.
Barry Glantz, Managing Director of The Studios24, said: “It’s been amazing to watch our dream of bringing co-living to Wolverhampton become an exciting reality. Now, with funding provided by Assetz Capital, we can complete phase two and move on to begin phase three of the project, enabling us to offer more rooms to people looking for great value high quality accommodation.”
He added: “The Studios24 is a high quality development of new, prestige studio rooms arranged as apartments, right in the very heart of Wolverhampton. Residents benefit from exclusive access to our working and socialising areas, café and bar, a gym which will come in 2019, and a range of events that get people socialising and getting to know each other.
“With all that Wolverhampton has to offer, and with Birmingham just a short commute away, we’re getting a lot of interest from prospective tenants and our first 55 rooms are all occupied. It’s fantastic to see local people and businesses really embrace the co-living concept – it offers a great lifestyle at a very affordable price.”
The first three floors of apartments at the 12-storey building have been completed and all 55 rooms have been let. Completion of the development is expected in spring 2020. Further rooms will be released on an ongoing basis, as floors of apartments are completed.
Phase one of the development, including 93 rooms, a bar and café, laundry and secure reception area, has been completed. Thirty-seven new rooms are due to be released to residents over the next two months. Phase two is underway, delivering a further 72 en-suite rooms, with completion in September 2019.
Co-living is a form of housing that combines private living space with shared communal facilities and is designed to encourage communal interaction and build community. At The Studios24, residents have their own en-suite studios in apartments of six, with shared kitchen and dining facilities. Rent includes energy bills, cleaning, council tax, superfast broadband, access to a café and bar, and a range of social events for residents and guests. For more information visit: www.thestudios24.co.uk.