Private fund Euro Property Investments is preparing to sell Birmingham’s tallest development, comprising 61 storeys.
EPIL, which is owned by Birmingham-based millionaire Afzal Alimahomed, is seeking bids totalling around £25m for the consented site at 100 Broad Street.
It has engaged a number of agents to market the site including Savills, which had advised on the planning application for the ambitious scheme, although it is understood to be currently working with a niche London agent.
Local developers and agents have balked at the hefty price tag on top of anticipated high build costs owing to the height of the development on a site that is better suited to a lower density scheme.
Earlier this year, Birmingham City Council approved plans for the development from Birmingham-based Glancy Nicholls architects for 503 flats rising to 193.3m at the tallest section fronting Broad Street.
Savills’ appraisal for the scheme put the build costs at £116.7m (£105m for the build alone) against an anticipated end value of £141.7m through selling the flats.
The 0.6-acre slice of land comprises a low-rise office next to residential maisonettes. It is expected to go back to planning for a smaller scheme, which would attract more interest from funds chasing BTR and developers building homes for sale.
The scheme is next to Taylor Grange’s The Square, which is pending planning consent for a 35-storey tower with BTR flats and a hotel.
The developer agreed to acquire the 1.7-acre site bound by Grosvenor Street West, Ryland Street and Broad Street at the start of the year for just over £15m.
EPIL focuses on commercial assets and has a number of office and industrial sites mainly focused around Birmingham. It bought 100 Broad Street in 2012. The five-storey office was built in the 1990s and is currently occupied by Jobcentre Plus and Uber Greenlight.
Alimahomed made his fortune selling plastic carrier bags to high street shops with his brother through the business Euro Packaging alongside the family property investment business.
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