The St Pauls Square-based company is currently preparing a planning application to be submitted to Birmingham City Council for a mixed use development of 11 three-bedroom townhouses and 2 two-bedroom duplex apartments on the 0.5 acre site.
Sapcote Yard will be Elevate’s second development on Camden Street, with work on Heaton House currently underway to deliver 14 townhouses, 42 apartments and a reformed Regency villa.
David Hofton, Elevate’s sales and marketing director, comments: “Working alongside D5 Architects in Birmingham, we will rejuvenate this Jewellery Quarter site with a three-block development set around a newly-repaved blue brick courtyard and the site’s 120-year-old barn buildings which will be retained and repurposed.”
“Sapcote Yard will provide not only new homes within the city but also much sought-after outside space with many of the apartments and townhouses having first-floor patios or rear gardens. There is also parking for all the properties.”
Subject to planning permission being granted, construction on Sapcote Yard will start this year, bringing a total of 234 new homes by Elevate Property Group in Birmingham alone.
Elevate will also be delivering 79 apartments at Priory House, Southside, 57 new homes at Heaton House in Camden Street and 85 new apartments at Price Street.
This year will also see work starting on 258 apartments at Liversage Street Derby, 60 new apartments on the next phase of the popular Princes Gate development in Solihull, and the second phase of the Trent Bridge Quays development in Nottingham will also provide 58 new homes.
Construction will also commence on 18 new homes at Edith Walk, Malvern.
Elevate Property Group has built a reputation for quality medium-rise residential developments in the past decade and is acquisitive, constantly looking for more redevelopment opportunities.
In its first ten years, Elevate has constructed over 1,000 homes and in 2022 alone will be starting work or completing a further 536 properties.
Legal & General acquires suburban BTR scheme to deliver 117 new homes
Legal & General has acquired a new suburban build-to-rent (SBTR) scheme in Great Haddon, Peterborough, to deliver 117 new family rental homes.
Legal & General’s SBTR arm, which launched at the end of 2020, is now scaling a portfolio of large scale ‘single-family’ rental communities in suburban locations across the UK.
As an investment market predicted to grow to in excess of £200 billion, Legal & General aims to be the UK’s first choice SBTR platform creating much needed, high-quality family homes in areas connected to schools, transport infrastructure and key amenities.
Great Haddon, purchased for £25 million, consists of two, three and four-bed houses which will be attractive to Legal & General’s target market.
The development, which is being delivered by mixed-tenure developer Countryside, represents the first phase of a new expansion of southern Peterborough. The community will be bounded by existing woodland and new water features as well as new schools and community amenities to be delivered as part of the wider site.
In line with Legal & General’s wider ambitions for its SBTR projects, Great Haddon will be ‘community-focused and service-led’, offering residents choice, security of tenure and flexibility. This level of offering is said to be largely unavailable in the wider residential market, particularly outside the UK’s urban centres.
Legal & General SBTR developments will also be designed to reflect new ways of living, post-Covid, such as incorporating home offices and offering access to more extensive outdoor space.
Across its new developments, SBTR will be implementing a robust ESG framework in order to enhance and create viable, long-lasting communities. Alongside Legal & General’s other housing businesses, SBTR aims to be operationally carbon net-zero from 2030.
Having launched its Build to Rent Fund in 2017, Legal & General now has over 5,500 homes in operation or development across the UK’s major towns and cities. The SBTR sector, however, has lacked the same concentration of investment, with less than 1% of the market having benefitted from patient capital compared to circa 6% for the urban sector. Recognising this untapped potential and the societal need for high-quality family homes to rent, Legal & General is at the forefront of institutionalising the suburban rental sector.
David Reid, managing director of Legal & General Suburban Build to Rent, says: “Build to Rent as a sector has consistently demonstrated value to investors, delivering robust and defensive income streams, suitable for patient capital investment.”
“This is clearly about more than strong investment prospects for us; it’s about providing high-quality rental housing for families across the UK, as working practices and lifestyle demands continue to evolve. We are delighted to be developing our first scheme with Countryside to meet these aims and look forward to working with Countryside in future.”
Hilltop completes £3m loan for new-build resi homes in Brinkworth
Funds advised by Hilltop Credit Partners have completed a short-term acquisition bridge land VAT loan and a £3 million loan to Pars Developments for the development of five residential units in Brinkworth.
The project will deliver five village units each with ample garden space, external parking, and garages. The units also provide modern home technology, and extra work at home office space.
This is the second project Hilltop has funded with Pars Developments. The project sponsor team has over 20 years’ experience building residential homes in and around the Cotswolds and recently completed a successful similar project that was completed on time and on budget during Covid.
Regarding the partnership, Morri Pourzadeh of Pars Development comments: “Following a successful delivery of our other project in Latton, we were keen to continue the partnership with Hilltop, who have been fully committed to working with us throughout the entire process, and made the financing of both acquisition, VAT, and development as simple as possible. We are very much looking forward to working with the team again on a new project.”
Jacob Andersen, head of transactions at Hilltop Credit Partners, adds: “Our ethos is to back local developers who we can partner with, providing capital and support. We were impressed with Pars ability to deliver during Covid and liked the superior nature of this future development.”