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Investor expands build-to-rent portfolio in Birmingham deal

Investor expands build-to-rent portfolio in Birmingham deal

A £53 million deal has been agreed between Legal and General and Spitfire Bespoke homes for the construction of 220 apartments in Birmingham's Jewellery Quarter.

The project will see two new buildings constructed alongside the refurbishment of three Grade II listed properties to add to the city centre's growing build-to-rent (BTR) market.

In addition to the new apartments, there will be shops on the ground floor and space for 60 cars to park.

Critically, the location of the site makes it an ideal target for Legal and General, as it lies between the historic central business district of the city and the various leisure and retail elements in the Jewellery Quarter, making it popular with the target market. 

In particular, it is only a five-minute walk from the Paradise Development at Paradise Circus, a major mixed-use scheme featuring offices, retail and leisure schemes that will generate around 12,000 jobs. 

Commenting on the choice of location, fund manager for Legal and General Investment Management Real assets Dan Batterton said: "Given the huge infrastructure investment in Birmingham, it has been a target location for us in building a high-quality and well-diversified portfolio of BTR schemes. 

"We expect to continue adding schemes and new locations over the coming months."

Legal and General now has investments in 1,700 rental apartments in six cities, with existing projects in Leeds, Bristol, Bath, Salford and Walthamstow. It plans to expand this further to 7,000. 

The Jewellery Quarter scheme is one of several BTR projects in the area, but the scale of these is limited as the district is low-rise in nature, unlike other parts of the city centre.

Among the largest BTR schemes in the city is a proposed 42-storey tower on Broad Street, which if built will contain 481 apartments. 

Developer Modal Living, which is involved in a number of large projects across the country, submitted a planning application last month.

Image: iStock

 

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