Work begins to ‘create a building the city can be proud of’
The starting gun has been fired on the construction of what will become Birmingham’s tallest residential tower and feature a 200-metre rooftop running track.
The 42-storey tower dubbed The Mercian is being developed by Apache Capital Partners and Moda Living, with contractor John Sisk & Son responsible for the build.
Johnny Caddick, managing director of Moda Living, has set the ambition for the partners as being “to create a building that we and the city can be proud of”.
Moda Living managing director Johnny Caddick
The Broad Street site has a 165-week build schedule, which is targeting completion in June 2022. The build-to-rent development will offer 481 apartments with up to three bedrooms and long-term rents of up to five years.
It is the latest addition to the Westside area of the city that is being transformed by major commercial projects such as Paradise and Arena Central, residential developments including The Bank towers, and infrastructure investments led by the extension of the Metro to Five Ways alongside public realm works at Centenary Square.
Caddick said: “We’re a long-term partner in the city and we are long-term investors in our projects. That’s why we take massive responsibility in these projects to create social, healthy buildings that are connected with the communities in which they are developed.”
The Mercian
The site was originally known as 2one2 Broad Street, but the development has now been branded as The Mercian.
“It takes inspiration from the heritage of the Midlands and provides the gravitas that this building truly deserves,” added Caddick.
The development has been backed by a £118m debt facility from Goldman Sachs, which is the bank’s first UK build-to-rent development loan. The 4.5-year facility includes a 12-month extension option.
Caddick wants the landmark project to be “the first of many projects” it undertakes in Birmingham.
He said: “Birmingham is a key city for Moda. It is the UK’s fastest-growing regional city and the number one to relocate to from London.
“We believe the ambition of the city matches the ambition of Moda.”
