UK rental residential platform Outpost Management has purchased and funded a mixed-use BTR residential-led scheme in Birmingham.
The deal was conducted through the existing JV with BlackRock Alternatives and the property was sold by Lower Essex, a subsidiary of Apsley House Capital and Galliard Homes, for an undisclosed figure.
The Claridge Architects-designed 51,747 m2 Lower Essex Square site will consist of three different buildings, with 27, 12 and eight storeys, respectively.
The property will offer 628 apartments for rent, of which 306 one-bedroom, 295 two-bedroom and 27 three-bedroom.
Construction work will kick-off soon, with phased completion from summer 2025 to summer 2026.
Troy Tomasik, Outpost Management founder and CEO, said: ‘We are proud to have acquired this fantastic development, and are excited to be bringing the Enclave brand to Birmingham as we expand our platform nationally. The city’s undersupply of housing, projected population and employment growth, proximity to London and increasing retention of higher education graduates all contribute to making it an ideal location to invest. We’re on a journey to transform the rental market, by creating pragmatic lifestyle-enabling homes that empower our residents to live their own way, and in less than a year since we launched the Enclave brand, we now have more than 1550 units in operation or development.’
James Halstead, director of BlackRock European Real Estate, added: ‘We are thrilled to continue our build-to-rent partnership with Outpost, driven by our joint ambition to invest in high-quality, best-in-class assets. As this acquisition demonstrates, we continue to see attractive opportunities in the UK residential market, particularly in high-growth areas such as Birmingham. More broadly, it aligns with our wider investment strategy of investing in sectors experiencing strong structural tailwinds.’
The Lower Essex Square site will be operated by Outpost Management under its Enclave brand.
A short walk from the South of Birmingham’s city centre and New Street Station, Enclave’s amenities will include panoramic roof top gardens and lounges, dining suites, and co-working spaces, and leisure spaces such as a gym, cinema, and 3D simulation suite.
This is the second asset to be acquired by Outpost Management’s JV with BlackRock Alternatives, which is investing £500 mln (€569 mln) in UK residential assets.
