City centre residential scheme boosted by off-plan sales

ALMOST 40% of the first phase of a residential development in Birmingham’s Gun Quarter has been sold off-plan.

Construction began at Honduras Wharf earlier this year with the 99-apartment development due for completion next spring. The development by Elevate Property Group is being promoted in two phases with the first said to be proving popular with first time buyers and investors.

Elevate’s managing director Steve Dodd said: “With a number of recent major commercial property announcements in the city centre and several professional firms committing to new space, there is clearly a requirement for a range of apartments which we are building now to meet a demand that is clearly there.”

Stuart Eustace of selling agents Knight Frank added: “Despite a considerable upturn in the amount of residential property available to buy off-plan in the city centre, there is still a fundamental undersupply of built-out stock ready to move in to.

“The fact that there is a crane on-site at Honduras  Wharf and an anticipated completion date of Q1 2017 is no mean feat as build costs continue to be a prohibiting factor on other schemes.”

Elevate is also awaiting planning permission on two projects close to the city centre – the conversion of office space to residential at Queensway House in the Jewellery Quarter and converting St Paul’s House on St Paul’s Square with the existing building having ground floor offices with luxury apartments above.

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