Thu, 14/09/2017 - 09:22
Real estate investment company Aprirose has agreed to fund the construction of the second phase of the Bank development in Birmingham, to be delivered by Midlands Developer Regal Property Group.
The 31-storey residential building, which is set to be the largest residential building in Birmingham, will be located adjacent to the first phase, a 22-storey residential tower as part of The Bank scheme, formally known as the Left Bank.
The new building will comprise 205 homes consisting of one, two and three bedroom apartments and ground floor commercial space. Additionally, residents will benefit from cafés, a high quality public realm, secure private gardens, a gym and concierge. The second building, in keeping with the first, has been designed by architect Glancy Nicholls, and received planning permission in March 2017. Regal will act as developer and Wates Group as the contractor. Practical completion is expected to be Q4 2019.
Manish Gudka, CEO at Aprirose, says: “Having embarked on our first foray into building and funding a large scale residential scheme in Birmingham in 2016, we saw the opportunity to develop a second building of high quality apartments as the perfect complement to our existing build. Situated in the centre of Birmingham it is a prime location for delivering residential space and will have a transformative effect on the surrounding area.
“Birmingham is undergoing a period of growth and regeneration, which underpins our confidence in the area. There is rising demand from young professionals, students and investors for high quality residential accommodation, which is driving growth within Birmingham City Centre, an area that has historically seen a shortage of quality housing.
“Combined with large scale investment such as the refurbishment of New Street Station, the new HSBC Headquarters at Arena Central, major office projects such as Paradise Circus and the forthcoming HS2 high speed rail link, there is a growing desire for well-located city housing stock. This is a strong investment opportunity, as we continue to expand our diverse GBP1.2 billion real estate portfolio.”
Mark Holbeche, of Regal, says: “With the first phase of The Bank set to compete in 2018, we are looking forward to progressing work on the second building with Aprirose, which will be the tallest residential tower in Birmingham. The striking development will be a key residential location given the increased number of businesses moving to the area. The city is changing rapidly and we look forward to delivering much needed housing to the city centre whilst helping to drive forward the transformation of Broad Street.”
The scheme is located directly next to Brindleyplace, International Convention Centre, National Indoor Arena and the Central Business District, which is home to 10,000 employees from start-ups to FTSE 100 companies including Lloyds TSB Bank, Deloitte, RBS and Deutsche Bank.
Aprirose and Regal developed their first residential scheme at The Bank, a 22-storey building comprising 189 luxury apartments and commercial space on the ground floor, which is due to complete June 2018.
Additionally, Aprirose has previously undertaken three office-to-residential conversions in central London.
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