A £136 million forward funding deal to deliver 551 new homes at Sherlock Street in Birmingham has been agreed by Build to Rent (BTR) operator Get Living and developer Watkin Jones,
The first acquisition in Birmingham for Get Living, the development will aim to provide 551 beautifully designed one, two and three-bed apartments, 47 of which will be affordable. Residents will be able to enjoy social lounges, a gym and co-working space in the scheme, which will also benefit from double-height reception areas, a landscaped podium, and a double-height sky lounge.
Situated only 500m of the iconic Bull Ring shopping centre, in the heart of Birmingham city centre, Sherlock Street (currrently known as Maker's Yard) is Watkin Jones' biggest BTR scheme to date and is close to the city's extensive retail, restaurants and bars, as well as public transport from Birmingham New Street Station.
Alex Pease, chief investment officer of Watkin Jones, said: “Our teams have done a superb job developing this scheme and we’re very pleased to have secured an investor with the knowledge and commitment of Get Living to take it through delivery with us. Sherlock Street is perfectly located on a brownfield site in the centre of Birmingham and will offer its residents an amazing lifestyle in a highly sustainable place that offers real long-term value to the wider community."
He added: “Institutional investment like this makes a real difference for places with a significant shortage of rental homes. We have a strong record in Birmingham and are actively looking at new opportunities across the Midlands.”
Rick de Blaby, chief executive of Get Living, commented: “Birmingham, the UK’s second largest city, has always been on Get Living’s wish list and so we are very excited to have secured this key city centre location with Watkin Jones for what will be Get Living’s eighth large-scale neighbourhood."
He added: “This transaction for such an attractive scheme takes our secured development pipeline to circa 6,500 homes supporting our ambitious strategy to grow our portfolio to 15,000 homes within the next five years.
“It is our responsibility, as long-term owners and custodians, to ensure we provide a sustainable neighbourhood for people in Birmingham, not just to call home and put down roots, but also to set the stage for a community to thrive. We look forward to working with Watkin Jones as they deliver the scheme.”
Sherlock Street is located on a 2.47-acre site and is set to feature a new pedestrianised public square that connects the city centre with the wider Rea Valley Urban Quarter, as well as giving access to the scheme’s circa 16,500 sq ft of ground floor commercial space that will enable local employment opportunities.
The neighbourhood will be managed and operated by Get Living on behalf of its investors, with the final phase of the scheme expected to complete in 2025.