A former university building in Birmingham has been sold and is now set to be turned into residential accommodation. Richmond House, in the Jewellery Quarter, was previously home to University College Birmingham (UCB) but has now been acquired by London-based AR&V Investments.
The 67,000 sq ft building spans seven storeys and, subject to planning permission, is expected to be transformed into residential accommodation. Specific details on the proposals, at the corner of Great Charles Street Queensway and Newhall Street, have not yet been released.
UCB has recently vacated the building but it ceased using it for teaching last October.
AR&V Investments director Aron Azouz said: "We are thrilled with our acquisition of Richmond House which sits in such a thriving part of Birmingham city centre. 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."
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Terms of the sale have not been disclosed but UCB executive director Mark Payne said proceeds would be directed towards further investment by the institute in the city. In recent years, UCB has invested heavily in new buildings in Charlotte Street and George Street, also in the Jewellery Quarter, with further plans to renovate the run-down former James Cond printing works.
In December, UCB announced it was to be turned into a new £10 million 'Engineering and Sustainable Construction Centre' aimed at addressing the skills shortage in the construction industry via a new partnership with University of Warwick.
Due to open by autumn 2023, it will specialise in courses that support the region's growth areas including sustainable construction methods, manufacturing technologies, renewable energy, robotics and cyber and digital skills.
Mr Payne said: "We were delighted to attract some great investment proposals for the sale of Richmond House. Having invested £100 million in developments over the last ten years, we will be directing the proceeds towards further major investments in the city centre over the next five years at our Camden House and James Cond buildings and Cambrian Halls site, to provide all of our students with first-class facilities."
Commercial property consultancy Avison Young acted on behalf of UCB on the sale.
Associate director Joe Williams said: "The sale of Richmond House demonstrates the huge amount of confidence investors have in Birmingham and the potential they can see in the city. This area specifically, in the heart of the Jewellery Quarter and on the doorstep of the city's Colmore Business District, is a melting pot of business, education, residential and leisure activity, making it prime for investment.
"We need only look to the major players that have chosen Birmingham over recent years, such as Goldman Sachs, BT and HSBC, to see how strong Birmingham's proposition is. We look forward to seeing how AR&V Investments takes the site forward and watching it evolve into its new purpose over the coming years."
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