Investors have acquired a Birmingham property set to be turned into student accommodation. Rayman Developments has acquired 1256-1258 Pershore Road, in Stirchley, for £810,000.
Consent has previously been awarded to demolish the existing buildings and construct 31 student flats and four ground-floor commercial units. The property was previously owned by a private family who had secured the planning permission.
Commercial property agency Siddall Jones sold the building, which sits at the junction with Twyning Road, on behalf of the owner.
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Managing director Edward Siddall-Jones said: "The property currently comprises a detached block of two retail properties with self-contained residential accommodation above.
"Planning permission was granted in March 2021 for the demolition of the existing buildings and erection of a three-storey building comprising 31 units of student accommodation and ground-floor commercial space.
"The sale represents the ongoing demand for quality, purpose-built student accommodation sites throughout the city and within an area that is currently in transition."
Stephens Wilmot Solicitors acted for the vendor and WRJ Solicitors for the purchaser.
