Birmingham Build-To-Rent Scheme Confirmed
The building of a new £30 million build-to-rent scheme in the heart of Birmingham has been confirmed, with construction firm Graham being formally appointed as the construction partner for the project.
Graham will now deliver the 138,000 sq ft development on Hanley Street in the Gun Quarter, providing 203 one, two and three bedroom apartments. The complex will also feature two ground floor shops and a gym.
Located near Aston University, the A38 Aston Expressway and Snow Hill Rail station, the site was acquired by Europa Capital in December and followed on the heels of another site acquisition in Manchester, where 161 apartments are planned.
In its announcement, Europa noted key points that make the area an attractive one for property investment companies.
Speaking at the time, partner at the firm Huge Black said that Birmingham is an “attractive prospect” and not just because of its status as the UK’s second largest city. He said the “burgeoning young population – thanks largely to being home to one of the country’s leading universities,” makes it “an attractive location for this type of residential product”.
Other factors that may be significant include the forthcoming arrival of HS2 rail and the global spotlight the city will enjoy this summer as hosts of the Commonwealth Games.
Birmingham is also benefitting from some major schemes to transform areas of the city centre. One such project is the £700 million Paradise Scheme, covering an area that stretches from Victoria Square by the town hall to Centenary Square, home of the Repertory Theatre and the Library of Birmingham.
The latest development to get the green light in this vicinity is a new 17-storey hotel and ten storey office development, which developer MEPC has just gained planning permission for. These buildings are part of phase two, with phase one – featuring One Chamberlain Square and Two Chamberlain Square – being completed last year.
Phase 2 will also feature the Octagon, a 155 metre (509 ft) residential skyscraper.