High Street Residential has completed the purchase of land on what was formerly the Kent Street Baths site in Birmingham and at Holloway Head, close to the Mailbox retail centre.聽
Developers鈥� PRS commitment passes 拢350 million
Holloway Head is a 拢120m initiative comprising 500 apartments over 17 storeys. The Kent Street Baths site is a 拢19m project to create 98 apartments over eight floors.
The two latest Birmingham sites take High Street Residential鈥檚 commitment to PRS investment to more than 拢350m.
It has already announced 拢50m proposals to build PRS apartments in Moseley Street, Digbeth with local company Taylor Grange Developments, which will also be involved in the Holloway Head development.
Similar schemes in Milton Keynes, Newcastle and Salford are already under construction and proposals for others in Manchester and Warrington have been announced.
The aggregate gross development value (GDV) of these initiatives is 拢359m and they will create 1,729 apartments, targeted at high-earning young professionals.
High Street Group chairman Gary Forrest said:聽 鈥淧RS is here to stay.聽 Almost 19% 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.聽 There will be communal relaxation facilities, where people can meet, form friendships and build new communities.
鈥淥ur developments offer extremely attractive investment opportunities for institutional and individual investors who can enjoy yields and capital growth in excess of seven per cent per annum.聽 These are non-volatile, high quality assets offering attractive, long term returns, which we can maximise for our partners.鈥�
The full list of High Street Residential鈥檚 PRS schemes 鈥� with the first three now under construction 鈥� is:
鈥⒙� Silbury Boulevard, Milton Keynes 鈥� a 拢30m investment creating a seven storey facility containing 139 apartments.聽 Grainger, the UK鈥檚 largest listed residential landlord has unconditionally agreed to forward fund and acquire this development
鈥⒙� Newcastle鈥檚 tallest building, the 27-storey Hadrian鈥檚 Tower in Rutherford Street 鈥� a 聽拢46m scheme with 127 flats (pictured below)
鈥⒙� Middlewood Locks in Salford 鈥� a 拢26m, nine-storey development with 127 flats
鈥⒙� Trafford, Manchester 鈥� a 拢22m, ten-storey, 156-unit development
鈥⒙� Warrington City Centre 鈥� a 拢46m project with 362 flats over eight storeys
鈥⒙� Moseley Street, Digbeth, Birmingham 鈥� a 拢50m, eight-storey development of 220 flats
鈥⒙� The Kent Street Baths site in Birmingham 鈥� a 拢19m project to create 98 apartments over eight floors
鈥⒙� Holloway Head in Birmingham 鈥� a 拢120m initiative comprising 500 apartments over 17聽 storeys.
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