A reserved matters planning application has been submitted for over 600 high quality apartments at Exchange Square in Birmingham’s Eastside, representing a significant boost to the city’s PRS residential market.
Submitted by developer, Nikal the plans are for the delivery of 603 apartments split across three blocks of 26, 15 and 8 stories on the prominent plot. Apartments will feature a mix of one, two and three bedroom units with a small number of studios.
Designed with high levels of quality finishes throughout by twice Stirling Prize-shortlisted architectural practice, Stephenson Studio the apartments are expected to attract a wider range of professionals underpinned by the city’s growing financial services sector.
Situated between the city’s central business district and Eastside City Park – and adjacent to Nikal’s award-winning Hive development – Exchange Square will benefit significantly from the anticipated delivery of the Curzon Street HS2 station and associated investment in the area.
Alongside the apartments, the application also makes provision for 187 car parking spaces and 27,500 sq ft of ground-floor retail units.
Designed specifically for the rental market, the submission also includes the delivery of a 5,850 sq ft members’ club-style hub that will contain a number of services for residents, including a concierge and access to a private lounge. This will spill out onto an extensive, beautifully landscaped rooftop garden covering over 20,000 sq ft, exclusively for the use of residents.
John Moffat, Development Director at Nikal, said: “The PRS sector in Birmingham represents a burgeoning growth market, with the continued investment in the city’s core infrastructure driving a real resurgence in city centre living.
“Exchange Square signifies a unique opportunity within the Birmingham market to provide a high quality urban village with extensive amenity provision in a central location. It’s our vision for the site that we create an unrivalled community amongst the residents, with the private lounge and roof garden creating a strong focal point for social activity on site.”
Pending receipt of consent, work will begin on the site in the summer, with completion of the final block before the end of 2019. An application for a second phase of development, including an additional building and a new public square, will follow shortly.
A deal, which is currently in solicitors hands and expected to complete shortly, will see the development fully funded.
Nikal secured an amendment to its original planning application – for up to 600,000 sq ft of Grade A offices, ground floor retail and a further space earmarked for a 200-bed hotel or residential element – in 2014, enabling Nikal to deliver up to 1,000 new homes.
John Moffat continued: “By securing an amendment to the existing consent, we have ensured that Exchange Square as a site is responsive and able to meet changing market demands. With the planned investment and regeneration of Eastside and the surrounding area, this is a perfect time to deliver high quality, high density residential units to satisfy the huge demand in the city centre.”
Nikal has extensive experience in the Birmingham residential market, having already delivered 340 units on site, with all 167 apartments at Hive – which was named Best UK High Rise Development at the 2011 UK Property Awards – secured within two years of opening.
Knight Frank and Savills are joint sales agents on the scheme. Savills also advised on all planning matters.
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