A property investment and development firm has acquired a £30m student scheme in Birmingham.
Barwood Capital has bought the St Chad's Hospital site in Edgbaton in partnership with investor Dudley Taylor and student housing developer Cassidy Group.
The deal marks Barwood's first foray into the student housing market.
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The former hospital at 213 Hagley Road was originally built in 1808 and planning consent is already in place to retain and refurbish the existing grade II-listed buildings alongside three new buildings to create a village-style campus.
It will have 80 bedrooms in shared flats, 133 studios and 13 apartments with either one or two bedrooms.
The scheme will also have amenities including a gym, exercise studio, 29-seat cinema, communal kitchen with hosting facilities, external courtyards and seating areas.
Construction is already under way and practical completion is expected next summer.
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Barwood director Edward Henson said: "Barwood is delighted to be teaming up with funding partner Dudley Taylor and the Cassidy Group for delivery of this exciting scheme.
"It is hugely satisfying to re-cycle these heritage assets, bringing them back to life.
"The accommodation will help meet growing demand in the city for modern, purpose-built student accommodation as well as free up traditional residential properties for families looking to move to the area.
"The design, construction and operation of St Chad's all seek to deliver a strong sense of community and inclusivity among the residents."
Cassidy Group director James Cassidy added: "Having secured detailed planning consent for the scheme, we are now looking forward to the delivery stage and being able to create a best-in-class student facility to serve the Birmingham student community."