Camborne Land Investments acquires Central Birmingham site for Build To Rent residential project
Camborne Land Investments (CLI) announced the acquisition of a prime Central Birmingham site in the Southside from Benacre Properties for a 500 unit Build To Rent (BTR) residential project. The scheme, provisionally called Kent Street Baths, will have a Gross Internal Area of 450,000 sq ft over 15 floors, and a Gross Development Value of £85-100 million. It will include a range of studio, 1, 2 and 3-bedroom apartments.
CLI intends to develop the site under its new Hygge brand, which brings together unique design, high quality workmanship, energy efficiency, plug and play technology, along with premium levels of service and management.
The site is bounded by Bromsgrove Street, Gooch Street North, Kent Street and Henstead Street, close to the Bullring at the heart of the city. It was formerly the location of the Kent Street Baths which opened in 1851 and were heavily damaged in the Second World War, and were finally demolished in 2009. CLI regards the project as a significant contributor to the ongoing regeneration of Birmingham, and intends to develop a strong, thriving and sustainable rental community for young professionals and middle income families in a central, convenient location. The site will be configured with careful integration of retail and leisure facilities at street level. The concept architects on the project are Glenn Howells Architects.
Camborne Land Investments’ strategy is to create long-term value for investors and wider society by delivering a portfolio of attractive and efficient purpose-built private rental communities in Build to Rent accommodation across the UK. The Company intends to build 5,000 homes over the next five years.
Commenting on the scheme, Declan Mackle, Chief Executive of Camborne Capital Group, said:
“The securing of a premium, central site in Birmingham is a strong start for CLI. The Kent Street Baths development epitomises the site and location characteristics that we are looking for across our portfolio, and represents a unique opportunity to build a strong, thriving rental community in the heart of one of the UK’s leading cities. We are proud to be participating in the exciting regeneration of Birmingham. The city is a major focus of real estate investors not just in the UK but internationally at present.
“We aim to build Hygge as a premium pioneer brand in the Build To Rent sector, offering an attractive design, energy-efficient, technology and service quality ethos for young professionals and middle income families seeking long-term, safe, secure homes.”
Daniel Cohen, CLI’s Land Manager, added:
“The Private Rental Sector in the UK is developing rapidly and represents a significant contributor to solving the country’s housing shortage. Camborne Land Investments is focusing its investments on regional cities across the UK and the London commuter belt, and is steadily building its pipeline of opportunities.“
Source: Camborne Land Investments