A major new student development which is due to open near Birmingham's Bullring and Wholesale Markets in 2018 has been sold.

Developer Bricks Birmingham Capital has acquired the site on the corner of Upper Dean Street and Pershore Street for an undisclosed fee.

Seller Benacre, which is behind another student project at 96-104 Bristol Street, received planning permission last year to build 323 bedrooms, communal facilities and five ground floor retail units.

The site is currently in use as a car park and house a ten-storey building which retain the façade of the Grade II-listed listed 42-45 Upper Dean Street to create a new entrance to the accommodation.

Construction is expected to start in Easter, with completion ahead of the new student year in September 2018.

Jason Taylor, who runs Bricks Birmingham Capital with Peter Prickett, said: "We are delighted with this acquisition and look forward to working with local contractors to complete this high-quality development."

Birmingham law firm Emms Gilmore Liberson and chartered surveyor Pennycuick Collins acted on behalf of sellers Suffolk-based Benacre and the Gooch Estate Trustees.

The Gooch Estate is expected to take a long leasehold on the retail units to continue to generate income from the site.

Site as it looks today
Site as it looks today

Beth Margetson, an associate in the Emms Gilmore Liberson's property team, said: "It's wonderful to see another part of the Birmingham transformation jigsaw fall into place.

"It's a further example of the regeneration of Birmingham and of confidence in the international strength of our knowledge economy.

"This area is being revitalised and this exciting development at a key site will be a very welcome addition to the city's residential and retail offering."

Charles Gillett, partner at Pennycuick Collins, said the project could kick-start a generation of development in Southside.

"This is a prime site that sits within the proposed Birmingham Smithfield masterplan area and a scheme of this quality very much fits into the aspirations of that project," he said.

"Southside has seen significant improvements in recent years through a number of quality residential schemes and the work of the BID.

"With an exciting vision proposed to replace the wholesale markets, this development is likely to be a very attractive proposition to international students particularly or anyone who wants to be right at the heart of one of the most vibrant districts of the city."