Birmingham site acquired by Newcastle property firm for £120m
The developer of Newcastle’s tallest building, Hadrian’s Tower, has acquired another site for private rented sector (PRS) apartments, bringing the gross development value (GDV) of its portfolio of proposed projects to more than £600m.
The High Street Group of Companies has acquired a central Birmingham site, close to the The Mailbox retail complex and the planned HS2 rail link.
The £120m venture, which has planning permission, will create around 500 one, two and three-bedroomed apartments. It is hoped that construction will begin later this year.
Meanwhile, preparations for construction of the group’s flagship development - Hadrian’s Tower, just off St. James’ Boulevard, Newcastle - are said to be advanced. The £46m, 26-storey structure will become the city’s tallest building, with 162 apartments.
In addition, plans are being made to create a ‘Sky Lounge’ to allow regular public viewings across the city’s heritage sites and, on clear days, ‘as far as the coast’.
With its headquarters in Cuthbert House, Newcastle, The High Street Group of Companies was established by chairman, Gary Forrest, in 2004.
It has grown to become a financial and property group employing over 100 people in activities including large-scale property development and construction, hospitality and leisure.
He said: “Already almost 17 per cent of the population is renting privately and this figure is expected to grow significantly.
“In response, we are creating high quality living spaces in town and city centres, future proofed through the use of the latest SMART technologies. There are communal relaxation facilities, where people can meet, form friendships and build new communities.
“This style of living is becoming the choice of young professionals and we anticipate increasing our investment levels by around £200m per year for several years to come.”
Construction is also underway at Milton Keynes, where a £30m investment is creating a seven-storey facility containing 139 apartments. Grainger plc, the UK’s largest listed residential landlord has agreed to forward fund and acquire this development.
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