Double Birmingham land deal
High Street Residential acquires brace of sites where hundreds of new apartments are set to be built.
A property group has strengthened its foothold in Birmingham’s residential market by acquiring land where two apartment projects are being built. High Street Residential has bought land at the corner of Holloway Head and Blucher Street for £11.2 million where a £120 million, 17-storey complex with 487 apartments is being constructed. The seller was Panther Securities. And it has also acquired part of the former Kent Street Baths site, off the A38 Bristol Street, where work is due to start soon on 98 apartments in an eight-storey, £19 million scheme. These latest deals follow the recent purchase of the planned ‘Westminster Works’ site in Alcester Street, Digbeth, where a £50 million project will see 220 apartments built.
The Westminster Works and the Holloway Head projects were bought from Taylor Grange Developments, although they remain on board with the schemes as a partner, and the apartments will be for rent only. The land at Kent Street Baths was acquired from Lupa Land and the units there will be available for private sale.
Gary Forrest, chairman of High Street Residential which is based in Newcastle-upon-Tyne, said: “Almost 19 per cent of the UK population is renting privately and this figure is expected to grow significantly. In response, we are creating high-quality living spaces, future proofed through the use of the latest smart technologies. There will be communal relaxation facilities, where people can meet, form friendships and build new communities.”
Planning permission was granted in March for the redevelopment of the Kent Street Baths site which opened in 1852 and was the first public swimming facility and wash house provided by the Birmingham Baths Committee.
In 1930, the older structures were demolished to make way for a new building containing swimming pools and Turkish and Russian baths but these closed and became derelict before being demolished. The overall development will also include 406 apartments to rent, 112 parking spaces and commercial and retail units which could include a gym, crèche and cafés, in a scheme reaching up to 19 storeys.
This part of the project is being led by Lupa Land, formerly Camborne Land Investments, which first announced its plans for the site in March last year. Lupa Land said it was close to signing a funding deal and construction contract for this element of the project and it should be ready ahead of the 2022 Commonwealth Games.
Director Neal Watkins said: “We are delighted to be a part of the continued redevelopment of Birmingham’s city centre bringing high-quality, contemporary living space and facilities. We are already progressing well with the funding and construction agreements for the 406 units located in plot one which we hope to have in place by the end of this month.”