A joint venture team first formed last year is to develop a new 35-storey apartment complex in Birmingham city centre.
Investment management firm Harrison Street and US real estate investment, development and management company Cortland have together acquired a site in Broad Street where more than 400 units to rent will be built.
The land at the corner with Ryland Street previously contained office buildings which have now been demolished.
The proposals were initially brought forward by Birmingham-based Taylor Grange Developments and received planning consent in October last year.
Originally called ‘The Square’, it has now been rebranded Cortland Broad St. and is set to comprise two buildings of 35 and six storeys respectively containing 440 one- and two-bedroom apartments.
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There will also be more than 12,000 sq ft of amenity space, including a gym, cinema room, running track, co-working space, resident lounges, private dining area, bouldering wall and roof terrace. The development is due to complete in early 2024.
The consented scheme also contains plans for an eight-storey, 229-bedroom hotel fronting onto Grosvenor Street West at the rear of the site but this has not been included in the sale.
Taylor Grange has been retained as development manager following the transaction.
Paul Bashir, chief executive of Harrison Street’s European business, said: “Birmingham is home to the greatest concentration of businesses outside of London and is experiencing significant investment in new public transportation options, making it easier to live and work in the city.
“Despite the city’s major companies and start-ups, deep talent pool and leading universities, Birmingham does not have the high-quality rental accommodation the growing population of young professionals demand.
“We are pleased to expand our partnership with Cortland to deliver an exemplary residence with high-end amenities that demonstrates the attractive pipeline of first-class build-to-rent projects we seek to identify and invest in with the joint venture.”
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Owain Thomas, senior director for Europe at Atlanta-based Cortland, added: “We are delighted to have completed the transaction at Broad Street in Birmingham which is the culmination of hard work from our partners.
“Since entering the UK market in 2017, our goal was to redefine and reimagine the rental living experience in the UK.
“We’ve aimed to do this by importing our proven US resident-centric rental model to the UK for both build-to-rent and other private-rented sectors.
“With Cortland Broad St., Cortland will revise market expectations as we bring to market our unparalleled residential management offering.”
Harrison Street and Cortland formed a joint venture in 2020 and now have a pipeline of build-to-rent projects across the UK representing a gross development value in excess of £750 million.