PRS firm set for new Birmingham project
A private rental scheme developer is set to start a new project later this year in the centre of Birmingham, after acquiring a plot for 120 million.
The High Street Group of Companies has purchased the site close to the Mailbox on the west side of the city centre, a prime location near many of Birmingham's popular bars and restaurants, as well as New Street station. It will also be close to the HS2 station at Curzon Street once completed.
In addition, the Midland Metro tram system is easily accessible, and will be extended nearby with a new westward addition serving the west side of the city centre as far as Five Ways in Edgbaston.
The £120 million project will feature around 500 apartments, with the company hoping to be able to start building by the end of this year.
It may not be the only Birmingham project the firm engages in as it recognises the value of PRS in the UK's second-largest city.
Group chairman Gary Forrest commented: "Birmingham is a dynamic city currently undergoing significant regeneration and therefore it represents a great place to invest. Almost 17 per cent of the UK population is renting privately and this figure is expected to grow significantly.
"In response, we are creating high-quality living spaces in town and city centres, future proofed through the use of the latest SMART technologies."
The company has also invested in a number of projects elsewhere in the UK, with a total portfolio now worth £660 million. Mr Forrest added that it is likely to invest £200 million more each year for the foreseeable future.
Its flagship development is in the firm's home city of Newcastle, where Hadrian's Tower will be the tallest building in the city once completed. It will feature 162 apartments.
Elsewhere, it has a number of developments in the north west, including sites in Trafford and Salford in Greater Manchester, another urban hotbed of growth, plus a development in nearby Warrington.