Joint venture announces 35-storey BTR development in Birmingham
Joint venture Harrison Street and Cortland have announced the development of a 440-unit build-to-rent property in Birmingham.
The project, which will be known as Cortland Broad St., was brought to market by Knight Frank and will be a 35-storey tower and a low-rise six-storey apartment block and offer 440 one- and two-bedroom apartments with more than 12,000sq ft of amenity space, including a gym, cinema room, co-working space, resident lounges, private dining area, bouldering wall and roof terrace.
The development is being undertaken by Cortland, and senior debt funding for the scheme is being provided by AllianceBernstein.
Cortland Broad St. Is expected to complete in early 2024.
“Birmingham is home to the greatest concentration of businesses outside of London and is experiencing significant investment in new public transportation options making it easier to live and work in the city,” said Paul Bashir, chief executive officer of Harrison Street’s European business.
“Despite the city’s major companies and start-ups, deep talent pool, and leading universities, Birmingham does not have the high-quality rental accommodation that the growing population of young professionals demand. We are pleased to expand our partnership with Cortland to deliver an exemplary residence with high-end amenities that demonstrates the attractive pipeline of first-class BTR projects we seek to identify and invest in with the JV.”
“We are delighted to have completed the transaction at Broad Street in Birmingham, which is the culmination of hard work from our partners,” said Owain Thomas, senior director – Europe at Cortland.
“Since entering the UK market in 2017, our goal was to redefine and reimagine the rental living experience in the UK. We’ve aimed to do this by importing our proven US resident-centric rental model to the UK for both build to rent and other private rented sectors. With Cortland Broad St., Cortland will revise market expectations as we bring to market our unparalleled residential management offering.”
