Birmingham land deal paves the way for multi-million residential scheme
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The completion of a major land deal in Birmingham city centre will clear the way for a new multi million pound residential development.
A joint venture between London-based developer Galliard Homes and Apsley House Capital has purchased a long leasehold interest for land located between Pershore Street, Hurst Street, Claybrook Street and Skinner Lane.
The joint venture partnership is hoping to build 385 residential units, which will comprise a mix of one, two and three bed apartments and ancillary parking together with commercial and retail units on the ground floors fronting Pershore Street and Hurst Street.
Birmingham law firm Emms Gilmore Liberson and chartered surveyors Pennycuick Collins acted on behalf of the landowners, The Gooch Estate, to secure the sale of a long lease, subject to grant of planning permission. Knight Frank acted on behalf of the purchasers.
Charles Gillett, partner at Pennycuick Collins, said: “Land in and around the Southside area continues to remain in high demand having prospered from significant and sustained investment and redevelopment. The proposed mixed-use scheme brings wide-ranging community benefits and will enhance this already vibrant area of the city.”
Beth Margetson, associate property lawyer at Emms Gilmore Liberson, said: “This is a great piece of business for the city, as another part of Birmingham looks set to be rejuvenated. This confirms the appetite that exists for residential development in the Southside, and contributes to the transformation of this currently under-used area at a time when the adjacent Smithfield scheme is being brought forward.”
Emms Gilmore Liberson has worked with The Gooch Estate on several deals, most recently on the sale of Kent Street Baths to Camborne Land Investments for a Build to Rent scheme.
Robin Norstrom, director at Apsley House Capital, said: “We are looking forward to delivering a scheme that will define the area – reflecting the vibrant local atmosphere, with a focus on design quality.”
Will Jordan, associate at Knight Frank, said: “Galliard Homes’ first investment in Birmingham is a real mark of strength for the city, proving it is an attractive prospect for leading developers. With Southside already a popular residential address and neighbouring Birmingham Smithfield due to undergo huge redevelopment, we believe this scheme will be the catalyst for further local investment.”