Developer completes £100m sale of new city centre apartments scheme
PROPERTY developer, Nikal, has completed the £100m sale of the first phase of its showpiece Exchange Square scheme in Birmingham to LaSalle Investment Management.
The developer has also appointed Sir Robert McAlpine as main contractor for the scheme.
Exchange Square is one of the largest residential developments outside of London built specifically for the Build to Rent market.
Planning consent is in place for a total of 603 apartments – ranging from studios to three beds – over three buildings, with 30,000 sq ft of ancillary ground floor leisure led retail space and 182 secure basement car parking spaces.
The first phase will see three blocks of nine, 16 and 27 storeys respectively, together with a 5,000 sq ft members’ club-style hub, which will offer a range of exclusive services for residents including access to a concierge, a private lounge, gym and a 20,000 sq ft residents’ roof garden.
Occupying a prime spot in the city centre, Exchange Square overlooks the Birmingham Eastside site – set to the location of the city’s new HS2 railway station.
Nick Payne (left), managing director at Nikal, said: “Sir Robert McAlpine is a trusted name in the construction sector and their appointment is a strong statement of our intent to deliver a truly first-class product to the market.
“Exchange Square’s location, close to the city’s existing commercial, retail and transport hubs, will only be enhanced through the delivery of other widely-anticipated large-scale development, including Curzon and the HS2 terminus.
“Bold development of this kind is needed to continue Birmingham’s ongoing regeneration and success. We’re proud to be playing such a significant part in the city’s exciting future.”
Work on the first phase is due to begin this month, with the first three residential blocks due to be completed during 2018 and 2019.
Andrew Stanford, residential fund manager at LaSalle Investment Management said: “Exchange Square is a unique concept for Birmingham and we are delighted to have completed our transaction with Nikal to bring forward this exciting opportunity. The development represents a vital step in helping to meet Birmingham’s growing housing requirement, particularly for young professionals seeking high quality city centre accommodation.”
Knight Frank and Savills are joint sales agents for Exchange Square and advised Nikal on the funding deal, with LaSalle advised by CBRE.
