Real estate investment company Aprirose has agreed to fund the construction of the second phase of the Bank development set to be the largest residential building in Birmingham.
The 31-storey building, to be delivered by Midlands Developer Regal Property Group, will be located adjacent to the first phase, a 22-storey residential tower formally known as the Left Bank which is due to complete in 2018.
The new building will comprise 205 homes consisting of one, two and three bedroom apartments and ground floor commercial space. The second building, in keeping with the first, has been designed by architect Glancy Nicholls, and received planning permission in March 2017. Regal will act as developer and Wates Group as the contractor. Practical completion is expected to be Q4 2019.
Manish Gudka, chief executive at Aprirose, said: “Having embarked on our first foray into building and funding a large scale residential scheme in Birmingham in 2016, we saw the opportunity to develop a second building of high quality apartments as the perfect complement to our existing build.
Gudka said the rising demand from young professionals, students and investors for high quality residential accommodation, was driving growth within Birmingham City Centre.
He added: “Combined with large scale investment such as the refurbishment of New Street Station, the new HSBC Headquarters at Arena Central, major office projects such as Paradise Circus and the forthcoming HS2 high speed rail link, there is a growing desire for well-located city housing stock. This is a strong investment opportunity, as we continue to expand our diverse £1.2bn real estate portfolio.”
The scheme is located directly next to Brindleyplace, International Convention Centre, National Indoor Arena and the Central Business District, which is home to 10,000 employees from start-ups to FTSE 100 companies including Lloyds TSB Bank, Deloitte, RBS and Deutsche Bank.
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