24 Birch Street Ltd has received in excess of £4.5m of funding from Assetz Capital, to support the delivery of the second phase of £11m co-living residential development, TheStudios24.
The development occupies a landmark abandoned office building at Birch Street in Wolverhampton. Built in the 1960s, the 12-storey building was once the tallest tower in the city. Phase two of TheStudios24 will see the conversion of 72 rooms, following the completion of 93 rooms in phase one, a stage also underpinned by £2m of Assetz Capital funding.
Upon completion, TheStudios24 will feature 218 en-suite studio apartments, with shared facilities including: kitchens; working and relaxation areas; a café and bar; gym; laundry and high-speed internet. Construction on the project began in May 2016, with completion expected in 2019.
The project has created around 40 new jobs in the local area, and the first three floors of the apartments have been fully let.