Legal & General is set to bring build to rent offer to Birmingham
Legal & General has today announced that it has agreed the funding of a prime Birmingham Build To Rent (BTR) development site known as Newhall Square for a total sum of £53m. Representing the sixth UK city to which it will bring its new rental offer, this latest investment brings its total pipeline of BTR units to over 1,700.
A forward funding deal has been agreed with award-winning residential developer Spitfire Bespoke Homes. The development has planning for 220 residential units and 7,500 sq ft of ground floor commercial space, together with a public square and 61 car parking spaces.
Located centrally between the established Central Business District and the retail/leisure hub of the Jewellery Quarter, the site offers a strong micro location for BTR accommodation within Birmingham’s city centre and benefits from canal fronting apartments. There is currently more capital committed to infrastructure projects in Birmingham than any other European city and the site sits within five minutes’ walk of the new Paradise development, a mixed-use development that will deliver 1.8m sq ft of new office, retail and leisure space, generating 12,000 new jobs.