Regal Property Group has mandated BNP Paribas Real Estate to secure a build-to-rent forward funding investor for Birmingham’s 90-97 Broad Street, which will have a gross development value of £200 mln (€232 mln).
90-97 Broad Street is a 47 storey, 525 apartment scheme totalling 43,709 m2 and comprising 1 & 2 bedroom high specification apartments, with a wealth of amenity space, over a 0.63 acre freehold site.
Its 1,340 m2 private amenity space incorporates co-working, gym & yoga, cinema, private dining, events room, arcade games room, nursery/crèche, and the highest sky lounge in the city. There is also an external residents landscaped pocket park on the ground floor.
Planning is expected to be granted in Q4 2023, with start on site Q1 2024, and following a 44-month construction period, completion to take place in Q3 2027.
Mark Holbeche, director at Regal Property Group commented: ‘90-97 Broad Street has been designed to top specification with the modern renter in mind. Delivered in partnership with leading local architects Glancy Nicholls, we are developing a product which captures the requirements of the idealised work/life balance as allocations towards amenity based spaces in key regional locations increases.’
Andrew Screen, head of residential capital markets at BNP Paribas Real Estate added: ‘This is an excellent opportunity to secure an amenity-led BTR investment offering within a highly sought after and prime area of Birmingham’s city centre, neighbouring major cultural, business, and finance hubs, at a time where its position as the UK’s second city is being affirmed.’
