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Westminster Works Land Deal

PRESS RELEASE: 8th August 2018

Land deals put foundations in place for £50m residential scheme

Property development company High Street Residential has bought a site in Digbeth and will push ahead with enlarged plans for a £50m scheme.

The land on the corner of Alcester Street and Moseley Street has been earmarked for 220 apartments in the seven-storey Westminster Works development.

High Street Residential has bought the site from Taylor Grange, which itself had acquired the site with what they described as “an undeliverable planning consent” 18 months ago. The purchase of additional land has enabled new plans to be drawn up.

Taylor Grange Developments is expected to start work on the Southern Gateway site later this year.

“This style of living is becoming the choice of young professionals and we anticipate increasing our investment levels by around £200m per year for several years to come.”The High Street Group chairman Gary Forrest said: “Birmingham is a dynamic city currently undergoing significant regeneration and therefore it represents a great place to invest. Almost 19% of the UK population is renting privately and this figure is expected to grow significantly.

The two companies are also proceeding with a similar proposal close to The Mailbox, while two other city sites are being looked at by the consortium.

Taylor Grange’s chief operating officer Sam Ginda added: “We are delighted to have secured this development partnership. High Street Residential’s appetite to be part of the Digbeth area regeneration and its track record in delivering high quality PRS developments is highly valuable. Both parties share a vision for the future of Birmingham.”

SOURCE: https://www.thebusinessdesk.com/westmidlands/news/2020209-land-deals-put-foundations-place-50m-residential-scheme