Greystar is under offer to acquire Court Collaboration’s 667-home build-to-rent development at Birmingham’s One Eastside.
The US multifamily giant is in talks to forward fund the £160m scheme, which is set to be the city’s largest build-to-rent development.
One Eastside comprises two towers of 15 and 51 storeys, containing a mix of one and two-bedroom apartments in the CEAC building next to the HS2 Curzon Street station.
The scheme has been designed by Glancy Nicholls Architects. It includes a sky lounge in the tallest tower, as well as flexible working space, meeting areas, yoga and spin studios, a games room and a pavilion building.
Construction is expected to cost £118m, with an expected timeline of four years, and a net initial yield of 4.25%.
Court Collaboration released the proposals for the city’s tallest residential scheme in May. The development was set to be the city’s first skyscraper, but faces competition with ambitious plans from Euro Property Investment proposing a 61-storey, luxury residential scheme on Broad Street for private sale.
The Birmingham developer submitted plans for One Eastside at the start of June, stating: “The proposed PRS provider has an established track record of delivering high-quality, residential-led mixed-use developments in the UK and across Europe and North America.”
The investment will be subject to planning consent. It would be Greystar’s first in Birmingham after launching its BTR offering in London in 2015, having established itself within the student accommodation sector. It builds on a portfolio of 3,500 homes in development in London and Manchester, and nearly £5bn of assets under management.
Greystar is the US’s largest rental operator, with more than 495,000 units and beds under management globally. In the UK it has agreements to manage six schemes under its platform, with the most recent addition being Invesco’s 483-flat scheme at Birmingham’s Holloway Head, as revealed by EG last month.
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