Over 100 apartments sold at new Digbeth development
LH1 London has sold over 100 apartments at landmark Digbeth development ‘The Forge’ in the heart of Birmingham’s creative quarter as works continue on-schedule.
The luxury five storey development nestled in the trendy hot-spot of Digbeth is a collection of 140 high spec, loft style one and two-bed properties by developer Wavensmere Homes.
Works commenced to clear the site, which was previously the ‘Park Works’ brownfield site, back in May 2018 and all pre-launch sales were secured by LH1 London within a 10-month period.
The development, which is expected to accommodate 226 residents with a 42-space car park is in the heart of Birmingham’s new regeneration area of Digbeth, surrounded by excellent transport links and an array of amenities such as The Bullring, Custard Factory, 02 Arena and Birmingham Arena.
All apartments are exceptionally generous in size ranging from 550 sq. ft through to 824 sq. ft with high specification fixtures, fittings and interiors.
The remaining apartments will be released to local occupiers by open market launch this September and completion of the final phase of works is expected for April 2021.
£21million of investment for the construction of the new development was secured by Cedar Invest earlier this year, which comprised of £17.5million from Coutts and £3.5million from Frontier Development Capital.
Rayna Hunter, global sales director of LH1 London, said: “We have attracted buyers from Asia, the Middle East and Europe. With high demand for rental properties in the prime location of the creative quarter, The Forge embodies everything that working professionals and those looking to buy to let are looking for in terms of location, and a high standard of living in Birmingham city centre. This development is a great credit to Wavensmere Homes and the first of many partnerships between our two companies.”
The creative quarter is home to a thriving mix of innovative media and design companies and with its appeal to young professionals, it’s recently been voted the No.1 place to live and work by the Sunday Times.
Rayna added: “Boasting open-plan contemporary living spaces with high-spec interiors, the apartments are ideal for those looking for luxury living within a few minutes walking distance to the city centre and Birmingham New Street and Grand Central stations.
“LH1 London were delighted to act for Wavensmere Homes as global sales and marketing partner to deliver over 100 pre-sales on an off-market basis in record time meaning the scheme is 80% sold out prior to open market launch. This allowed Wavensmere to draw down development funding and mitigate risk on the development.”
Wavensmere has held back 30 apartments in this scheme for local owner occupiers.
James Dickens, Managing Director of Wavensmere Homes, said: “I have been delighted with the service provided by LH1 London, regular communications, target driven, and they have returned some fantastic results. The team at LH1 London got under the skin of The Forge very quickly and understood the key messages we were trying to portray. I would not hesitate in recommending LH1 and I am looking forward to our next scheme together.”