Cording Real Estate Group has secured the fourth site for its c.€479m (£400m) Cording UK Residential Investment Fund, which invests in the private rented sector (PRS) on behalf of Continental European investors. The fund has agreed to forward fund a build-to-rent development by High Street Residential on part of the site of the former Kent Street Baths in the centre of Birmingham for c.€59.5m (£49.7m). Located on a 2.2-acre site bounded by Bromsgrove Street, Gooch Street North, Kent Street and Henstead Street, the development will provide retail space, a café, gym and a residents’ hub along with a minimum of 262 mainly one and two-bed apartments for rent, which may increase to 279 units, subject to planning consent for the additional 17. Construction, which will be carried out by Nobles Construction, is due to commence on site in January 2020 and is expected to be completed in June 2022.
Charlie Miller, director of residential acquisitions at Cording, said: “This ambitious placemaking scheme in the vibrant city of Birmingham continues our push to creating a well-balanced UK-wide portfolio of low to mid-market rental properties in great locations”.
Cording last December and High Street Group chairman, Gary Forrest, said: “We are delighted to have signed this second agreement, which is further evidence that PRS is here to stay and offers extremely attractive investment opportunities. Almost 19% of the UK population is renting privately and this figure is expected to grow significantly”.