JV snaps up vacant £160m GDV site
A joint venture between Galliard Homes and Apsley House Capital has acquired a Sainsbury’s site in Selly Oak.
The vacant site has been snapped up by the Galliard Apsley Partnership, which plans to deliver a £160m GDV mixed-use scheme says React News.
The Galliard Apsley Partnership has created a Birmingham focused portfolio with a potential GDV in excess of more than £500m. It aims to regenerate brownfield sites and create around 2,250 homes across the city.
Gerard Nock, chairman at Apsley House Capital, said: “Apsley House Capital is committed to Birmingham bringing new investment and economic benefits into the region as evidenced in our work at our other key sites. At Selly Oak we can look to create a dynamic mixed-use destination ensuring the sustainability of this strategic site at the heart of the town centre.”
Stephen Conway, chairman and CEO at Galliard, added: “We are delighted and excited to have acquired the site. We look forward to working with the local community to revitalise the site with a refreshed residential and retail provision and improved public realm.”
Will Jordan, head of Birmingham residential development at Knight Frank, which advised on the deal, said: “Anyone local to Birmingham will be well-aware of this prominent Selly Oak site. It has been identified for redevelopment for some time, and currently stands vacant. The site is prime for redevelopment and enjoys an excellent location”.
Colliers advised Sainsbury’s on the disposal.