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Newcastle-based residential developer High Street Group has acquired a fourth Birmingham site as it launches a £300M build-to-rent development programme in the city.
The 17-storey Holloway Head scheme will see 487 units built on the former HQ of the Girl Guides Association. Construction will begin later this year.
The developer is already at work on the 253-unit Westminster Works in the city's Southside.
The completion of a deed of variation on the site opens the door to further progress on the £57M venture, Business Insider reports.
Two further sites are being considered which will mean a BTR pipeline of more than 2,000 units in the city with a £300M development value.
Research from Savills published earlier this month showed the way in which a tide of BTR-led resdiential development was changing the shape of the city centre.
A 31% rise in average residential values since 2013 has helped improve the viability of complex sites, Savills’ Birmingham: Delivering Transformation report said. The result has been a development pipeline of 21,000 residential units, including 1,800 for rent.
Studies by GVA suggest that the Westside could be the next major growth area.
“For the first time in a decade, the city’s Westside has overtaken the Jewellery Quarter in terms of delivery of residential units," GVA Senior Director Mark Birks said.
“Future housing supply will be focused in key locations linked to the provision of new strategic infrastructure, such as HS2 and the planned extension to the Midland Metro tram. Ultimately however, factors such as build cost pressures and the viability gap will play an important role in shaping the location and delivery of this badly needed new housing.”
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