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Galliard Homes' £500M Birmingham city centre residential portfolio just got bigger as it steams into territory once occupied by the office market.
Galliard and Apsley House Capital have purchased their fourth site in the city, and their second in the Jewellery Quarter, in a deal with British Airways Pension Fund.
The site, bounded by Summer Hill Road, Powell Street, Camden Street and the A4540 Icknield Street, is currently home to a two-storey, 92K SF office building and surface car parking. It will be replaced by 500 new homes.
"We have around 2,000 new homes with a gross development value in excess of £500M in the pipeline for the city and are looking forward to starting work on the first of these before the end of this year,” Galliard Executive Chairman Stephen Conway said.
Loan facilities for the deal were provided by OakNorth bank.
The latest buy comes just days after Galliard finally secured planning permission for the 379-unit Timber Yard scheme at Birmingham's Southside. A decision had been delayed following concerns that the scheme would limit nightlife in the city's gay village.
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