Aprirose has chosen Birmingham for its first large-scale residential development in the UK.
The London real estate investment company has exchanged on a deal to forward-fund the development of the £35m Left Bank scheme, a 22-storey residential tower in Birmingham city centre.
The Left Bank scheme, located on the junction of Broad Street and Sheepcote Street, has been designed by Glancy Nicholls Architects and includes 189 luxury flats and commercial space on the ground floor.
Aprirose chief executive Manish Gudka said: “This will be our first large-scale residential development in the UK and securing this deal underlines the diversity of our investment strategies and our belief in Birmingham, which is undergoing a period of growth and regeneration.
“The Brexit vote has led to some schemes across the country being mothballed and investment in real estate stalling, however, we see this as a period of great opportunity. We are a stable, well financed and mature company with strategies in place to invest in the right properties in the right locations and to continue to expand our £1bn property portfolio.”
Gudka said the proposed HS2 rail link and the £650m redevelopment of Birmingham’s Grand Central station, as well as Arena Central and Paradise would help to drive demand. He said: “There is currently a shortage of quality housing in the city centre and a strong appreciation of house prices, so we see this as the perfect investment opportunity, and a strong first step into larger residential schemes.”
The scheme is located directly next to Brindleyplace. The tower will be built by Midlands-based developer Regal (West Point), a subsidiary of Regal Property Group.
Aprirose has previously undertaken large residential development projects in continental Europe as well as three office-to-resi conversions in central London.
• To send feedback e-mail lisa.pilkington@estatesgazette.com or tweet @eglisap or @estatesgazette
