The Studios24, which delivered the first major co-living development in the Midlands, has secured a refinance package worth £6.4 million from Cynergy Bank, a specialist bank established in 2018 by entrepreneurs to serve the needs of business owners, property entrepreneurs and family businesses.

The Studios24 has transformed a dilapidated 12-storey office building at Birch Street, not far from the University of Wolverhampton and Molineux Stadium, into co-living units that can accommodate more than 200 residents.

The Studios24 is arranged as apartments, offering residents en-suite studios, shared facilities such as kitchens, working and relaxation areas, a café and bar, laundry and high-speed internet.

Rent also includes utilities, cleaning, council tax, access to a gym, fitness studio and a range of social events for residents and guests.