UK-based property developer The High Street Group of Companies has secured a deal to build £120m ($162m) private rented sector (PRS) apartments on a second Birmingham City Centre site.
The latest deal will increase the gross development value of the company’s portfolio of proposed projects to more than £600m ($810m).
Located close to The Mailbox retail complex and the planned HS2 rail link, the site is part of an area undergoing significant regeneration.
High Street will develop the venture in partnership with the site’s owner, Birmingham-based Taylor Grange Developments, and will create around 500 one-, two- and three-bedroom apartments.
Construction is expected to begin later in 2018.
The partnership is also proceeding with a £50m ($67.4m) venture in Digbeth, the city’s southern gateway, which will deliver an eight-storey, 220-apartment complex.
The consortium is also considering two more second city sites, which could increase The High Street Group’s investment in Birmingham to more than £300m ($404.6m), creating more than 2,000 PRS homes.
The High Street Group is already constructing PRS projects.
The first project is being constructed in Milton Keynes, where a £30m ($40.4m) investment is creating a seven-storey facility consisting of 139 apartments. Grainger has unconditionally agreed to forward fund and acquire this development.
The second project is being built in Newcastle, where a £46m ($62m), 26-storey Hadrian’s Tower is set to become the city’s tallest building and provide 162 apartments.
The company has secured planning permission for a site in Salford and work on a £26m ($35m), nine-storey, 127-unit Middlewood Plaza is expected to commence later in 2018.
Other projects of the High Street Group include Cheshire Junction in Warrington – a £46m ($62m) eight-storey, 362-unit development and a £22m ($30m), 10-storey, 156-unit development in Trafford, Manchester.
The group is also considering a ninth initiative in the North East.
High Street Group chairman Gary Forrest said: “Birmingham is a dynamic city currently undergoing significant regeneration and therefore it represents a great place to invest.
Almost 17% of the UK population is renting privately and this figure is expected to grow significantly.
“In response, we are creating high-quality living spaces, like these in Birmingham, future proofed through the use of the latest SMART technologies.”