Linkcity confirms agreement with Rockspring’s TransEuropean VI Fund to develop Birmingham’s first purpose-built PRS schemeMay 27th 2016
Linkcity, in joint venture with site owner Hallmark Investments, has agreed a forward sale of its PRS development in Birmingham’s city centre to TransEuropean VI LP (“TEP VI”), a fund managed by Rockspring Property Investment Managers LLP (“Rockspring”).
The scheme, which is known as The Beacon, sits on the site of the former Leisure Box complex in Pershore Street and includes 334 purpose-built apartments for private rental, as well as a retail unit, gym, car park and landscaped gardens. Construction has already begun and is being carried out by Thomas Vale, a subsidiary of Bouygues UK. Work is scheduled for completion in 2018.
Containing five studios, 262 one-bedroom apartments and 67 two-bedroom apartments, the scheme has a GDV of £50 million and will be Birmingham’s first purpose-built development for the private rented sector.
The project was designed by Corstorphine + Wright.
Linkcity’s Managing Director, Nicolas Guérin, said:
“This site has a rich history – it was formerly home to the Silver Blades ice rink which hosted concerts from stars such as Tina Turner – but it has lain dormant for the majority of the last 15 years. This agreement signed with Rockspring’s TransEuropean VI Fund paves the way for us to regenerate this city-centre site, providing much-needed new homes. Birmingham is an exciting city with a huge potential and has a very proactive and ambitious council. We look forward to delivering this project and continuing to explore further opportunities in the area.”
Paul Hampton, Rockspring Partner and Fund Director of TEP VI commented:
“The acquisition and development of this PRS scheme is in line with TransEuropean VI’s strategy of participating in urban regeneration activity in certain key cities across the UK and continental Europe. This is an exciting time for Birmingham, where we see a lot of potential emanating from socio-economic trends in the UK, with a number of high profile companies across a range of sectors, including the professional and financial services sectors, moving significant parts of their operations there. Through this acquisition we are responding to, and indeed anticipating, this significant future growth trend. We are actively looking to replicate this sort of transaction, not just in the UK but elsewhere in Europe where we see evidence of similar themes.”
Adrian Willet, senior director and head of CBRE’s residential development and investment team, who advised the joint venture partners said:
“The Pershore Street site was earmarked for residential development some years ago, but it is only with the rapid growth in rental and capital values in Birmingham and the increasing maturity of the build to rent sector that this project has become a reality.”
Image: Pershore Street courtyard – CGICategory: Corporate news, Development news
Tags: bouygues UK, Linkcity UK, Nicolas Guerin, Pershore Street, The Beacon