Prosperity Capital Partners and London & UK Property have acquired the Globeworks site in Birmingham city centre for a £45m student accommodation scheme.
The partners bought the one-acre site on Cliveland Street in the city’s Gun Quarter for £4.2m from Dwell Properties.
The Globeworks site has planning consent for 520 student rooms.
Prosperity, a Liverpool- and London-based private equity real estate firm, will provide the equity funding, with development specialist LUKP undertaking development management for the tp bennett-designed scheme.
Prosperity chief executive Gavin Barry said: “Birmingham has a thriving higher education sector with almost 60,000 full-time students, but student accommodation is an undersupplied market here, with a clear need for better- quality facilities as well as more bed spaces generally.”
Work will start on site next month and the scheme will be delivered for the 2018-19 academic year.
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