Developer Galliard Homes said on Monday that it has joined forces with Apsley House Capital to invest up to £500 mln (€570 mln) into the Birmingham residential market.
The two partners have announced the launch of The Timber Yard, a new 1.5 acre regeneration scheme on the city's Pershore Street which will include 379 apartments for private sale as well as some commercial units.
The partnership said it also has four other residential projects in the pipeline providing a total of 2,800 apartments, with total investment in the city expected to reach £500 mln.
Mark Evans, head of regional residential development at Knight Frank which will be managing the sale of the units, said that the project 'is the latest chapter in Birmingham’s success story'. 'Arguably the best development within the city core, the project is set to regenerate the heart of the Chinese Quarter, an area just moments’ from New Street station and the major shopping district,' he said.
Robin Norstrom, director at Apsley House Capital added: 'The highly anticipated launch of The Timber Yard will set a benchmark for new homes in Birmingham City Centre.'
'For over 25 years Galliard Homes has helped young professionals and individual investors get onto the property ladder and this launch will continue our work in Birmingham and give the city the benefit of Galliard’s value-for-money London style product for which our brand is renowned,' commented David Galman, sales director at Galliard Homes.
