Patrizia has agreed to purchase four acres of land from Warwickshire County Cricket Club and the Homes and Communities Agency at Edgbaston Stadium in Birmingham for an £85m development.
The scheme will include 375 build-to-rent flats, subject to planning. The deal is part of an ongoing regeneration and revamp of the stadium since 2010 that has seen the club upgrade its facilities to ensure that is it able to compete for international and Test cricket.
James Muir, managing director at Patrizia UK & Ireland, said: “We set out with a clear strategy for our UK BTR platform, which was to target urban centres with strong demographic fundamentals.
“Edgbaston is an established and thriving part of Birmingham, and this particular location has access to the best of the city, including sports, employment, entertainment and dining out.”
Neil Snowball, chief executive of Warwickshire County Cricket Club and Edgbaston Stadium, said: “The apartments and retail outlets combined with the new entrance and plaza will make this part of Edgbaston, and the stadium in particular, a 365-days–a-year destination and further enhance our match day experience for our members, our supporters and for cricket fans from around the world.
Savills acted for the HCA and Warwickshire County Cricket Club.
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