Thursday, October 29, 2020
UK

Luxury development in Birmingham sells well

Property firm LH1 London has sold more than 100 apartments at landmark Digbeth development in Birmingham’s creative quarter

Property firm LH1 London has sold more than 100 apartments at landmark Digbeth development ‘The Forge’ in the heart of Birmingham’s creative quarter.

The works, which started back in May 2018, are continuing on-schedule and are set to be fully completed by April 2021.

The Forge, once completed, will be a luxury five storey development in the trendy regeneration hotspot of Digbeth. It will comprise of 140 high-spec, loft-style one and two-bed properties from developer Wavensmere Homes.

The site, formerly the ‘Park Works’ brownfield site, was cleared in May 2018 and all pre-launch sales were secured by LH1 London – which has offices in London, Ascot and Manchester and delivers prime located development schemes in the private rented and student accommodation sectors across all major UK cities – within a 10-month period.

Once complete, the development is expected to house 226 residents, with a 42-space car park also included. It’s in the heart of Digbeth, which is surrounded by strong transport links and a wide range of amenities such as The Bullring, Birmingham Arena, the 02 Arena and the Custard Factory.

This September there will be an open market launch for the remaining apartments, before completion of the final phase works, which is expected for April 2021.

Earlier this year, £21 million of investment for the construction of the new development was secured by Cedar Invest, made up of £17.5 million from Coutts and £3.5 million from Frontier Development Capital.

Global sales director of LH1 London, Rayna Hunter said that they have attracted buyers from Asia, the Middle East and Europe. With high demand for rental properties in the prime location of the creative quarter, The Forge embodies everything that working professionals and those looking to buy to let are looking for in terms of location, and a high standard of living in Birmingham city centre.

Hunter said that this development is a great credit to Wavensmere Homes and the first of many partnerships between the two companies.

The creative quarter, home to a buzzing mix of innovative media and design companies, has particular appeal to young professionals and was recently named the number one place to live and work by the Sunday Times.

Boasting open-plan contemporary living spaces with high-spec interiors, the apartments are ideal for those looking for luxury living within a few minutes walking distance to the city centre and Birmingham New Street and Grand Central stations, Hunter added.

LH1 London were delighted to act for Wavensmere Homes as global sales and marketing partner to deliver over 100 pre-sales on an off-market basis in record time meaning the scheme is 80% sold out prior to open market launch. This allowed Wavensmere to draw down development funding and mitigate risk on the development, she said.

James Dickens, managing director of Wavensmere, which has held back 30 apartments in this scheme for local owner-occupiers, said he was delighted with the service provided by LH1 London. He said that regular communications, target driven, and they have returned some fantastic results. The team at LH1 London got under the skin of The Forge very quickly and understood the key messages they were trying to portray.

LH1 London works with a range of developments in major towns and cities across the UK, including in Luton, Birmingham, Manchester, Newcastle, Liverpool, Lincoln, Bedford, Hastings, Stoke, Cardiff, Southampton, Leicester and Norwich.

Important:
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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