£200m Broad Street scheme seeks funding deal
Regal Property Group is seeking a funding investor for its £200m Broad Street scheme.
BNP Paribas Real Estate have been instructed to secure a BTR funding deal for the 47-storey tower close to Brindley Place.
The Essington, 90-97 Broad Street will comprise 525 one or two-bedroom apartments, alongside a 1,340 sq m private amenity space that incorporates co-working space, gym & yoga facilities, cinema room, private dining, events room, arcade games room, nursery/crèche, and what will be the highest sky lounge in the city.
Mark Holbeche, director at Regal Property Group said: “90-97 Broad Street has been designed to top specification with the modern renter in mind. Delivered in partnership with leading local architects Glancy Nicholls, we are developing a product which captures the requirements of the idealised work/life balance as allocations towards amenity based spaces in key regional locations increases.
“This scheme will take us to over 1,000 units on Broad Street, which is now the prime residential quarter of the city.”
Andrew Screen, head of residential capital markets at BNP Paribas Real Estate added: “This is an excellent opportunity to secure an amenity-led BTR investment offering within a highly sought after and prime area of Birmingham’s city centre, neighbouring major cultural, business, and finance hubs, at a time where its position as the UK’s second city is being affirmed.
“Birmingham is a key destination for BTR investment with its demographics all pointing in favour of a scheme of this nature – a youthful and growing population of renters, many with no dependants, and a high graduate retention. Its role as a rising innovation and tech destination is fast being established too, which we anticipate will continue to draw in and maintain talent.”
It is anticipated that subject to a Section 106 Agreement, planning will be granted at the end of 2023, with start on site at the beginning of next year. Completion is expected in Q3 2027.