The funding was agreed following the completion of 93 rooms in phase one and the start of 72 rooms in phase two of the development.
The Studios24 at Birch Street, Wolverhampton, will eventually comprise 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.
The development is breathing new life into a dilapidated, 12-storey office building – the former HQ of Carillion.
Barry Glantz, managing director at the Studios24 (pictured above), said that it had been amazing to watch its dream of bringing co-living to Wolverhampton become an exciting reality.
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“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.”
The first three floors of apartments at the 12-storey building have been completed and all 55 rooms have been let.
Completion of the scheme is expected in spring 2020.
Barry 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.”