Planning consent clears the way for first phase of £100m apartment scheme
PLANNING consent been granted for the first phase of a new £100m apartment scheme in Birmingham city centre.
Exchange Square, in the city’s Masshouse area, will be a crucial scheme in the redevelopment of the Eastside regeneration.
Planning approval paves the way for developer Nikal to begin work on the 603-apartment complex, which will comprise three blocks of 27, 16 and nine stories, together with 27,500 sq ft of ground floor retail space and 186 car parking spaces.
The development is being funded through a deal worth in excess of £100m, which will enable LaSalle Investment Management to acquire the long leasehold interest in the residential units for build to rent apartments on behalf of a client.
The apartments, which will benefit from being close to the new HS2 station at Curzon Street, will be a mix of one and two bedroom units, alongside a small number of studios.
Nick Payne, managing director at Nikal, said: “We are delighted to be working with such an established and well respected investment manager. Now that planning consent has been secured we are in a position to bring forward the first phase of what we are sure will be a transformational development for the area and one that will be an exemplar scheme for Birmingham’s residential market.
“With its prime location and on-site ancillary services, we are anticipating significant rental interest from a wide range of professionals, underpinned by the city’s growing financial services sector. With the funding and planning consent both in place we are looking to appoint our contractor imminently.”
Richard Debney, Regional Director, LaSalle Investment Management, said: “Exchange Square will be the first build to rent scheme of its size in Birmingham, which has enjoyed a very strong residential letting market of late with a shortage of high quality apartments.
“We believe the urban village concept at Exchange Square will not only create a critical mass of apartments with attractive community facilities, but bring a unique proposition to the Birmingham market that we are confident will prove popular with young professionals seeking high quality city centre accommodation.”
Designed by twice Sterling Prize-shortlisted architectural practice, Stephenson Studio, the scheme includes a 5,000 sq ft members’ club-style hub that will contain a number of services for residents, including a concierge and access to a private lounge. This will spill out onto an extensive, beautifully landscaped rooftop garden covering over 20,000 sq ft, for the exclusive use of residents.
Work is anticipated to begin on the site in the summer, with completion of the first block in 2018 and the final block before the end of 2019.
Nikal has an existing outline planning consent in place for up to 1,000 residential units on the site, with a detailed planning application for a second phase of development, including additional residential buildings and a new public square, due to be determined by Birmingham City Council this month.
Knight Frank and Savills are joint sales agents on the scheme. Savills also advised on all planning matters. LaSalle was advised by CBRE and has appointed Savills as lettings and property manager.
