Patrizia announced that it has started construction of a build-to-rent (BTR) scheme, The Residences, in the Edgbaston district of central Birmingham on behalf of one of its large institutional clients.
The scheme, which has a GDV of £90 million, is situated in a core residential area of Birmingham, and provides 375 high-quality apartments, with approximately 20,000 sq ft of retail and leisure space on the ground floor.
Patrizia bought the site, which is adjacent to the iconic Edgbaston Cricket Ground, from Warwickshire Cricket Club and Homes England.
Winvic Construction has been appointed as the main contractor and is expected to complete the work in the second half of 2023, with the landscaping part of the project due to be completed in time for the Commonwealth Games Women’s T20 cricket in late July 2022.
The Residences will provide excellent car parking, cycle and customer storage, as well as significant amenities, whilst benefitting from being located at the junction of two principal arterial routes into Birmingham city centre.
“With this new development we are building a vibrant community where people will want to live. We are at the same time addressing Birmingham’s acute need for first-rate and affordable rental accommodation aimed at local residents, as well as those visiting Edgbaston Stadium. The provision of new homes is paramount for local and national talent looking to live and work in Birmingham, and the BTR scheme has been designed with enhanced amenity and external spaces to address the increasing demand for flexible and balanced live/work lifestyles. 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,” said Daniel Williams, Head of Development UK and Ireland at Patrizia.
The UK residential sector has been experiencing a severe shortfall of quality and affordable housing, with Birmingham alone requiring over 5000 residential units per year and recent government statistics predicting population growth of at least 10 percent by 2031.
Rental properties are one of the solutions to resolve the housing shortage, which is where investment managers such as Patrizia, who can offer sustainable housing development solutions, can make long-term contributions to building communities.