Additional funding secured for £11m studios scheme

Additional funding of £4.5m has been secured for the second phase of a £11m residential development at a former Carillion office block in Wolverhampton.Developer The Studios24 the finance package with Assetz Capital following completion of 93 rooms in phase one at the site in Birch Street and the start of 72 rooms in phase two.The project will eventually have 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.About 40 new jobs have been created by the development at the 12-storey building.The first three floors of apartments at the building have been completed and all 55 rooms have been let.Completion of the development is expected in spring 2020.Further rooms will be released on an ongoing basis, as floors of apartments are completed.