- £85 million development in attractive location within core residential area
- Addresses urgent need for housing in the UK
- Ambition to further expand residential investment across the UK and Ireland
Augsburg/Birmingham, 18 March 2019. PATRIZIA Immobilien AG, the global partner for pan-European real estate investment, has received planning permission for its new ‘Edgbaston Residences’ build-to-rent (BTR) scheme with a GDV of £85 million in a core residential area of Birmingham.
The single-property scheme will comprise 375 high-quality apartments while offering approximately 20,000 sq ft of retail and leisure space on the ground floor. Construction is expected to complete in 2022.
PATRIZIA acquired the site, adjacent to the iconic Edgbaston Cricket Stadium and close to the University of Birmingham, Queen Elizabeth Hospital and Birmingham Life Sciences Park, which all support demand for high-quality accommodation in the area, in 2017. Edgbaston Residences is PATRIZIA’s fourth scheme within its growing BTR platform which, in conjunction with a further development in London, will bring 600 new BTR units into operation. The company also operates 600 BTR units across Southampton and Birmingham.
The UK residential sector is experiencing an acute shortage of quality housing, with delivery of new housing well below the government’s target of delivering 300,000 units per annum. Rental properties are one of the solutions to resolve the housing shortage, which is where investment managers such as PATRIZIA can play a key role. Edgbaston Residences is a therefore a positive milestone in PATRIZIA’s ambition to expand its residential investment across the UK and Ireland.
Daniel Williams, Head of Development UK at PATRIZIA, commented: “This new development will address Birmingham’s urgent need for first-rate rental accommodation whilst also providing an attractive offer for local residents, as well as for those visiting Edgbaston Stadium. This also follows the recent completion of Forum, our first BTR development in Birmingham, which is already close to full occupancy.
“The provision of new homes is paramount for local and national talent looking to live and work in Birmingham, and this development provides just that. Throughout the planning process we have worked closely with both Warwickshire County Cricket Club and Homes England to ensure these plans are right for the local community, as well as for the iconic Edgbaston Stadium, the Club and its visitors.”
Neil Snowball, Chief Executive of Warwickshire CCC, said: “By delivering new apartments and commercial opportunities for cafes and restaurants, this development project will transform the area around Edgbaston Stadium and make it a destination for people to visit 365 days each year.
“We’re also delighted that the approval of these plans enables the club to benefit from a new entrance plaza, which will provide a much warmer and impressive welcome to all visitors, whilst the reconfiguration of the car park and new landscaping will provide greener, contemporary surroundings for the stadium.
“Since the club began its development programme of Edgbaston, around 10 years ago, our aim has always been to make it one of the leading venues in the country and a great asset to Birmingham. This latest phase of development will go a long way towards achieving these goals.”
Stuart Buckley, Senior Development Manager at Homes England, said: “Homes England has ambitions to increase the pace, scale and quality of housing delivery across the country and our partnership work with PATRIZIA and Warwickshire County Cricket Club is an example of this.
“This development really illustrates Homes England’s ability to deliver a unique mixed use scheme around the International Cricket Ground including apartments for rent, which will tackle long-term housing challenges and help more people access better homes in areas where they are most needed.”
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe for more than 35 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages around EUR 40 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.
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