Birmingham city centre site acquisitions take developer’s PRS commitment passed £350m
The acquisition of two more Birmingham city centre sites to make way for apartments has taken High Street Residential’s commitment to private rented sector investment to over £350m.
The rapidly expanding development firm – part of The High Street Group of Companies – has completed the purchase of land on what was formerly the Kent Street Baths site and at Holloway Head, close to the Mailbox retail centre.
It has already announced proposals to build PRS apartments in Moseley Street, Digbeth with local company – Taylor Grange Developments – which will also be involved in the Holloway Head development.
Similar schemes in Milton Keynes, Newcastle and Salford are already under construction and proposals for others in Manchester and Warrington have been announced.
The gross development value (GDV) of these initiatives is £359m and they will create 1,729 apartments, designed to appeal to high earning young professionals whose lifestyles demand the flexibility of rented accommodation.
High Street Group chairman, Gary Forrest, says: “PRS is here to stay. Almost 19% of the UK population is renting privately and this figure is expected to grow significantly.
“In response, we are creating high quality living spaces, future proofed through the use of the latest smart technologies. There will be communal relaxation facilities, where people can meet, form friendships and build new communities.
“Our developments offer extremely attractive investment opportunities for institutional and individual investors who can enjoy yields and capital growth in excess of seven per cent per annum. These are non-volatile, high quality assets offering attractive, long term returns, which we can maximise for our partners.”
