Argent and Hermes are working up plans for a 300-flat build-to-rent scheme at Paradise in Birmingham.
The scheme will be the first residential at the 17-acre city centre site and will be located on the northern edge of the site, fronting Summer Row.
Detailed plans from Glenn Howells architects are expected to come forward this spring, with a potential completion of 2023, if approved.
Paradise’s outline planning includes provision of 2m sq ft of commercial development across up to ten buildings.
The first buildings, One and Two Chamberlain Square are in the final stages of construction. The second phase comprises a 22-storey hotel and two further office buildings, and the third phase could include up to five new buildings.
Rob Groves, regional director at Argent, said: “The demand for very high quality residential buildings alongside places where people work and spend their leisure time is critical to the long-term success and sustainability of major cities like Birmingham.
“But this mix should always happen in the right places at the right time, which is precisely why we are bringing forward this proposed change now in this particular part of our overall site.”
Chris Taylor, head of private markets at Federated Hermes, added: “We must respond to the market demands and this proposed building is a reflection of that fact.”
Funds are increasingly flocking to Birmingham residential opportunities, drawn by a demand for housing and a growing young professional population, in part spurred by a wave of new occupier relocations.
Last year, CBRE tracked £326m in BTR deals making up 13.5% of the total UK investment, with the city attracting the largest investment of any location outside of London. Major deals last year included £98m from Invesco, £50m from Cording, with investment this year from ECE, and L&G and Long Harbour in talks on further opportunities.
