Work on a £133m regeneration project near the centre of Birmingham is set to start, with High Street Residential launching the first phase.
The Cording Real Estate Group, a member of the Edmond de Rothschild Real Estate investment management platform, has already agreed a £49.7m forward funding deal for a ten storey building on the 2.2 acre site, bounded by Bromsgrove Street, Gooch Street North, Kent Street and Henstead Street.
The Kent Street project will provide retail space, a café, gym and a residents’ hub, along with a minimum of 262 mainly one and two-bed apartments for private rent, which may increase to 279 units.
Expected to be completed by June 2022, the construction work is being carried out by Nobles Construction, with it hoped that work on a second 19-storey building will begin next year.
“Birmingham is undergoing significant regeneration and represents a great place to invest,” said High Street Group chair Gary Forrest.
“Local demand for professionally managed, purpose built rental accommodation is rising quickly and to meet this we are creating high quality living spaces, future proofed through the use of the latest smart technologies.”
Fiona Rendell, partner at Clarke Willmott LLP, says: “It’s great to see significant levels of investment in an area of Birmingham which has been overlooked for so many years despite its proximity to the centre of the city.
“Hopefully it’s a sign that despite the political climate and the UK’s exit from the EU, Birmingham still offers plenty opportunities and will benefit from investors keen to support our vibrant city.”
Fiona is a member of Clarke Willmott’s Commercial Property team and deals with a mixture of commercial property work. She acts for buyer, sellers, landlords and tenants in relation to commercial leases, licences, easements and covenants, due diligence investigations and various different landlord and tenant matters.
High Street Residential proposes to deliver up to 1,300 apartments in Birmingham as part of a £300m development programme, with the Kent Street project representing the fourth site in a £400m UK residential investment fund for Cording.