City centre PRS scheme bought in £77m deal

Residential landlord Grainger has bought the planned development at Exchange Square in Birmingham in a £77m deal.

It will forward fund and acquire the 373-home private rented sector (PRS) development close to where the city centre HS2 station will be built.

Grainger is also behind the £28m Gilder’s Yard build-to-rent scheme in the Jewellery Quarter.

Helen Gordon, chief executive of Grainger, said: “Birmingham has exciting growth plans and we are pleased to be part of it.”

The Exchange Square site is being developed by Nikal and this deal for the phase two plans is subject to a number of conditions, including securing planning consent.

Nick Payne, managing director of Nikal, said: “The announcement is made after months of careful design to create an exemplary PRS development. We hope work will begin in mid-2019.”

Planning consent is in place for 223 apartments but, as revealed in TheBusinessDesk.com yesterday, Nikal is working on new proposals to be submitted early next year that will create a “high profile landmark development”.

It has previously released images for a 46 and seven-storey development.

Waheed Nazir

Waheed Nazir, corporate director at Birmingham City Council, added: “The skyline in Birmingham City Centre is changing rapidly and investment and confidence is at an all-time high.

“The desire for people to live in the city forms part of our exciting future. This investment by Grainger is testimony to the global positioning of Birmingham.

“The residential development at Exchange Square reinforces the direct benefits of HS2 and the Curzon masterplan.”

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