Joint venture acquires Birmingham land for 35-storey apartment scheme

A joint venture team first formed last year is set to develop a new 35-storey apartment complex in Birmingham city center.

Investment management firm Harrison Street and US real estate investment, development and management company Cortland have jointly acquired a plot of land on Broad Street where more than 400 units will be built for rent.

The plot on the corner of Ryland Street contained former office buildings, which have now been demolished.

The proposals were originally made by Birmingham-based Taylor Grange Developments and received planning permission in October last year.

Originally called ‘The Square’, it has now been renamed Cortland Broad St. and shall consist of two buildings of 35 and six storeys, respectively, with 440 one- and two-bedroom apartments.

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There will also be more than 12,000 sq ft of amenities including a fitness center, movie theater, running track, co-working space, resident lounges, private dining area, bouldering wall and roof terrace. The development is to be completed by the beginning of 2024.

The approved scheme also includes plans for an eight-story 229-bedroom hotel facing Grosvenor Street West at the rear of the site, but this is not included in the sale.

Taylor Grange has been retained as development manager following the transaction.

Paul Bashir, CEO of Harrison Street’s European business, said: “Birmingham is home to the largest concentration of businesses outside London and is experiencing significant investment in new public transport options that make it easier to live and work in the city.

“Despite the city’s large companies and start-ups, deep talent pool and leading universities, Birmingham does not have the high-quality rental housing that the growing population of young professionals is in demand.

“We are excited to expand our partnership with Cortland to deliver exemplary housing with state-of-the-art facilities that demonstrate the attractive pipeline of premium build-to-rent projects we seek to identify and invest in with the joint venture.”

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Owain Thomas, Senior Director for Europe at Atlanta-based Cortland, added: “We are delighted to have completed the transaction on Broad Street in Birmingham, which is the culmination of hard work from our partners.

“Since entering the UK market in 2017, our goal has been to redefine and recreate the UK rental experience.

“We have strived to do this by importing our proven US resident-centric rental model to the UK for both the build-to-rent and other privately leased sectors.

“With Cortland Broad St., Cortland will revise market expectations as we bring our unique housing management offering to market.”

Harrison Street and Cortland formed a joint venture in 2020 and now have a pipeline of build-to-rent projects across the UK, representing a gross development value of over £ 750 million.


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