Investec Bank plc has provided The James with a £17m loan to fund the development of a 150-unit co-living scheme in Birmingham city centre.

The development will see the transformation of Richmond House, a 67,000 sq ft former university building, into The James Birmingham, the city’s first co-living scheme.

Ian Burdett, at Investec, said: “The appeal of co-living is rapidly expanding across the UK. Having initially gained traction in London, the sector is now increasingly reaching other major regional cities. Students and young professionals are also increasingly drawn to the sector’s vibrant amenity and community offering.  

“The James’ established track record of delivering high quality schemes across several UK cities made them a natural partner as we look to grow our exposure to the sector.”

The development will include a two-storey rooftop extension and the provision of shared facilities including a communal kitchen and dining areas, podcast studio and work lounge, gym, games room, cinema, external terrace and socialising area. Other features include air source heat pumps throughout the building and 166 bike parking spaces.  

Grant Sulkin, co-founder at The James, said: “We are thrilled to be bringing our product to Birmingham and to be working with Investec on this exciting development. The city’s strong demand for high-quality rental housing aligns perfectly with our vision to create vibrant, well-connected communities for young professionals and postgraduate students. We look forward to delivering an exceptional living experience at The James Birmingham.”