£23m off-plan sales in three days at Southside scheme
A major development in Birmingham’s Southsude raised £23.4m in off-plan sales when the first phase of 100 apartments sold out in three days.
The Timber Yard is one of several sites in the city being developed by joint venture partners Galliard Homes and Apsley House Capital.
Robin Norstrom, director at Apsley House Capital, said: “As the joint venture’s first scheme to go on sale we’re really pleased with how positive the response has been from buyers.
“The sales demonstrate that there is occupier and investor appetite for the apartments, with Galliard’s trademark high-end specification, that the partnership is bringing to the Birmingham new homes market.”
Galliard Homes and Apsley House Capital are also bringing forward a mixed-use scheme in the Jewellery Quarter on a four-acre site that used to be home to AE Harris. St Paul’s Quarter will have 320 apartments and 100,000 sq ft of commercial space.
A second four-acre site nearby, on Summer Hill Road, has been purchased with plans to build 500 homes, while the joint venture partners are also working on a 750-unit scheme at Soho Loop.
Work is scheduled to start on The Timber Yard next month and the two buildings housing 379 apartments are expected to be finished in early 2021.
David Galman, sales director at Galliard Homes, said: “The apartments sold for a blended average of £420 per sq ft, which represents value-for-money for both owner occupiers and investors.”
The Timber Yard scheme, on Pershore Street, will include a residents’ gym, a private club lounge, a cinema room and private parking.
