A former teaching block in Birmingham’s Jewellery Quarter is to be turned into apartments after being bought up by London-based body AR&V Investments.
Richmond House was owned by University College Birmingham (UCB), but has been sold for an undisclosed figure. Measuring seven storeys in height, it contains 67,000 sq ft of space, Business Live reports.
The next stage will be for planning permission to be submitted for the development of the building, which was used for teaching until October last year.
AR&V Investments director Aron Azouz commented: “We are thrilled with our acquisition of Richmond House which sits in such a thriving part of Birmingham city centre.”
He added: “This iconic and prominent building offers great potential to bring forward an exciting redevelopment and we are committed to delivering an exceptional product to the city's Jewellery Quarter."
A building compliance audit may be an important part of any internal transformation as the former college facilities are replaced with urban living space, with the likelihood that individual apartments will be substantially smaller than the teaching rooms used in educational settings and many new amenities added.
While the figure received for Richmond House was not made public, UCB executive director Mark Payne said the money received would be reinvested back into other city centre projects, which include turning an old printworks into an engineering and skills training centre.
Joe Williams, the associate director of commercial property advisors Avison Young, who advised UCB in the sale, remarked: “The sale of Richmond House demonstrates the huge amount of confidence investors have in Birmingham and the potential they can see in the city.”
With the Commonwealth Games starting later this month and HS2 on the way, Birmingham may be set for further massive investment.
Other major city centre projects planned include a new residential skyscraper at Paradise Circus, with US-based PGIM Real Estate and Birmingham developer Court Collaboration joining forces with plans to provide 550 new apartments.
Comentários