Property investors complete deal to acquire major Jewellery Quarter site
Property investors have completed a deal to acquire a prime three-acre redevelopment site in Birmingham’s historic Jewellery Quarter.
Joint venture partners Apsley House Capital and Galliard Homes plan to redevelop the site with a mixture of homes and commercial units.
The deal represents the third significant acquisition by the partners. The combined Gross Development Value (GDV) of their Birmingham investments has the potential to total £500m, once plans are determined for the latest site.
The site in Northwood Street is currently occupied by manufacturing and engineering company, AE Harris.
The redevelopment, which will be focused on retaining the area’s heritage and character, will see the JV partners stage consultations with planners, local residents and businesses in the Jewellery Quarter before drawing up final proposals.
Robin Norstrom, director of Apsley House Capital, said: “We believe it is the best site in the best location in Birmingham city centre, and we are fully aware of our responsibility in maintaining the historic buildings and making sure new buildings and tenants add value to the area. This is a wonderful opportunity to create something really special which is full of character and complements the surrounding area.”
Stephen Conway, chief executive of Galliard Homes, said: “Galliard Homes is known for acquiring and developing some of the UK’s most historically significant and landmark mixed-use schemes. We are very pleased to have worked with our partners, Apsley House Capital, in the acquisition of this new site and we look forward to realising its potential, and upholding its historic integrity.”
The two companies recently announced they had bought the Soho Loop site, near City Hospital, from City and Provincial Properties with the aim of transforming the site into a new canal-side community with approximately 800 homes.
Earlier this year, Apsley House Capital acquired a sought-after site in Birmingham’s Southside district where, along with Galliard Homes, it will deliver 385 apartments. The development, currently under planning, was recently named after its historic use – The Timber Yard.
Galliard Homes is a brownfield specialist having worked on sites in London and throughout the UK. It was one of the first companies to work in the resurgent London docklands, the rejuvenation of London’s South Bank and the regeneration of Butler’s Wharf and Bermondsey. It currently has 47 schemes with 7,480 homes under construction across the UK, including The Stage – a scheme incorporating Shakespeare’s Curtain Theatre in London’s Shoreditch.