£45m land deal paves the way for Birmingham residential scheme
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A £45m land deal is set to pave the way for a new residential development close to Birmingham city centre.
Spitfire Properties, funded by partner IM Properties (IMP), has acquired a prime new site in Newhall Street from Birmingham City Council.
The site is effectively where the city’s old science museum was based prior to its relocation to Millennium Point.
The multi-million-pound deal will see Spitfire deliver up to 230 one, two and three bedroom apartments across eight floors, with a retail element on the ground floor and a significant investment to the public realm.
Both Spitfire and Birmingham City Council said the development was an opportunity to add a new dimension to the Jewellery Quarter and its link towards the business district.
The development will include a new square intended to create a sustainable open space where people can socialise.
Jon Richards, land director at Spitfire, said the level of investment currently being pumped into Birmingham suggested now was the right time to launch such a residential scheme.
“Like IM Properties, we are all about seeking out the right opportunities and unlike many housebuilders we’re not answerable to shareholders and can move quickly to respond to the market,” he said.
“Birmingham is a city on the up and attracting a lot of positive attention as a place to do business and to live. We feel our upmarket, high quality living accommodation will be well received.”
Spitfire is expected to start on site in 2017, with a view to the first apartments being delivered in 2018.
Cllr John Clancy, leader of Birmingham City Council, said: “We need to build 90,000 new homes in the next 15 years across Birmingham and city living will have a big part to play as we strive to meet that target.
“So I welcome the Spitfire Properties investment in the Jewellery Quarter and look forward to seeing the scheme come to fruition.”
Spitfire is no stranger to the city living scene, having been involved in major projects with Crosby Lendlease, Cala and Banner Homes.
IMP is involved in some of Greater Birmingham’s largest schemes including 55 Colmore Row, Blythe Valley Business Park, Mell Square Shopping Centre in Solihull and The Hub, home to Birmingham’s new Wholesale Markets.