Thursday, April 22, 2021
UK

£260m invest in property Birmingham plan given go ahead

Build-to-rent specialist Moda Living’s proposals have been given the green light by the city council

 

Multimillion-pound plans by Moda Living to build more than 700 new rental homes in Birmingham have been given the go ahead.

The build-to-rent specialist’s £260million proposals to invest in property Birmingham involving the redevelopment of Ludgate Hill Car Park in the Jewellery Quarter include the construction of 722 new homes alongside a gym, roof terraces, communal lounges and workspace as well as a new public realm and space for retail and hospitality businesses.

There will be a series of blocks ranging in height up to 39 storeys. The site has remained undeveloped for more than 70 years and has long been identified by Birmingham City Council as an opportunity for regeneration.

Now the development – which will be called Great Charles Square – has been given the green light by the city council’s planning committee.

The plans are expected to create around 470 new jobs and deliver £92 million gross added value to the West Midlands region.

The scheme will take the total number of homes being delivered by Moda in the city to more than 1,200 – which accounts for around 20 per cent of the city centre’s five-year housing supply.

Tony Brooks, managing director at Moda Living, said: Great Charles Street will be a fantastic asset for Birmingham and we are delighted that Birmingham City Council has now backed our exciting vision.

He said, our team has designed a quality scheme reflecting the site’s location as an area of transition between the Jewellery Quarter and Colmore Business District, respecting its location within the conservation area.

This decision is the culmination of months of collaboration with planning officers, stakeholders and residents. We are keen to get on site to start delivering this important, sustainable project, create jobs and invest in Birmingham over a long-term horizon, Brooks said.

Richard Jackson, co-founder and managing director at Moda Living’s funding partner Apache Capital, added: With compelling market fundamentals such as the youngest population of any major European city and a growing number of corporate occupiers calling the city home, we are confident to be funding a second scheme in Birmingham and anticipate strong demand for both Great Charles Street and The Mercian when they complete.

Work is progressing on Moda Living and Apache’s first development in Birmingham The Mercian which is the city’s tallest residential tower.

Once complete, the 42-storey building will boast 481 apartments for rent only and communal facilities for residents including a 200-metre running track.

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