The UK arm of German real estate investor Patrizia has struck a deal with Warwickshire County Cricket Club and the UK's Homes and Communities Agency (HCA) to develop 375 new build-to-rent (BTR) homes with a gross development value of around £85 mln (€94 mln).
The scheme, which will be subject to planning and local consents, will take shape next to international cricket stadium Edgbaston in south Birmingham. Patrizia has exchanged on four acres of land, comprising two plots, which will include rental homes, ground level retail units and resident parking.
Patrizia’s growing UK BTR platform includes a mixed-use scheme in Manchester that is currently being delivered.
'We set out with a clear strategy for our UK BTR platform which was to target urban centres with strong demographic fundamentals,' commented James Muir, managing director at Patrizia UK & Ireland.
'This next phase of our development is great news for the club and for the City of Birmingham,' said Neil Snowball, chief executive of Warwickshire County Cricket Club and Edgbaston Stadium. 'The announcement of this new development is another key stage in our 20-year Edgbaston Stadium Masterplan that started in 2010 with the £32 mln investment in the stadium including the iconic South Stand.'
Savills acted for HCA and Warwickshire County Cricket Club.
