Sales hit £50m at The Timber Yard as success prompts second phase
Almost £50m worth of sales have been generated at The Timber Yard apartment scheme in central Birmingham, resulting in 55% of the development being forward sold off-plan prompting a second phase release.
Birmingham development partners Galliard Homes and Apsley House Capital’s The Timber Yard, located on Pershore Street, will provide 379 apartments upon completion in autumn 2021.
In just over six months since the launch of The Timber Yard towards the end of 2018, some 200 apartments have been sold – equivalent to a sales rate of 33 units per month – with the apartments selling to a combination of UK based and overseas buyers, including owner occupiers, second home owners and rental investors.
The sales have achieved figures of up to £480 per sqft, with entry prices starting from £189,995. The development is designed by Claridge Architects led by Marcus Claridge.
The Timber Yard development is designed around a large central landscaped garden, bordered by two statement residential buildings – a West Block and an East Block. Up to seven storeys and 13 storeys high, the development provides panoramic views of the Birmingham skyline.
The studio, one, two and three bedroom apartments, including duplex residences, are complete with under croft car parking.
The East Block contains 219 apartments and these were the first to be released for sale. To date 190 units (over 85% of the building) have been forward sold.
The West Block provides 160 apartments. Due to the success of the East Block (phase 1 release), the development partners have commenced the early release of three floors of the West Block – releasing for sale 67 apartments.
Construction of the development has now started on site, with initial ground works inclusive of piling now being completed. With construction cranes on site, first occupations are scheduled for onwards of autumn 2021.
David Galman, sales director at Galliard Homes says: “Birmingham is undergoing massive regeneration on a scale that London experienced some 10-15 years ago. The highly price-competitive entry prices, appealing £ per sqft values, a good rental market and the potential for capital value uplift have all combined to generate a strong demand from both UK and international buyers. Buyers are purchasing a highly specified quality Galliard apartment, at local Birmingham prices and this is proving compelling and delivering strong sales results.”
Robin Norstrom, director at Aplsey House Capital, added: “ The success of the development is evidence to the fact that The Timber Yard will be an excellent addition to Birmingham’s city core. Sales have been testament to the high quality of the development and its appeal to end users and investors. “The success of this, our first development, has given us the confidence to acquire more development sites in Birmingham and prepare proposals for a major pipeline of new homes.”
