Patrizia UK announces that it has exchanged on four acres of land from Warwickshire County Cricket Club and the Homes and Communities Agency at the iconic Edgbaston Stadium for the development of 375 new Build to Rent (BTR) homes with a GDV of around c. €93m (£85m), subject to planning and local consents. The acquisition in south Birmingham builds on Patrizia’s growing UK BTR platform, which includes a major mixed-use scheme in Manchester that is currently being delivered.
Located less than 10 minutes from the centre of Birmingham, the acquisition comprises two plots which will provide new homes for rent, as well as ground level retail units and resident’s parking. A new access road will be delivered as part of the plans for the site, and tenants will also benefit from Birmingham’s new two-way, fully segregated cycle highway, which will run close by to the scheme and connect it to the city centre.
The site is located adjacent to Edgbaston Stadium, home to Warwickshire County Cricket Club and Birmingham Bears, in addition to being one of the world’s most famous international cricket venues, having hosted 49 Test matches, 58 One-Day Internationals and four International T20 matches to date. Immediately opposite Edgbaston Stadium is Birmingham’s largest urban park and arts centre, while the schools and sports clubs of Edgbaston, as well as the restaurants and vibrant scene of Moseley, are also within easy reach.
The University of Birmingham, a Russell Group university with 22,500 students, is close by, offering first-class sporting facilities which are open to the public, including a recently opened Olympic-length swimming pool. Also in the local area is the Queen Elizabeth Hospital, which employs 7,000 people, and Life Science Park, a new €276.3m (£250m) research campus development that will create 2,500 new jobs, all of which will support demand for high-quality private rental accommodation.
James Muir, Managing Director at Patrizia UK & Ireland, said: “We set out with a clear strategy for our UK BTR platform which was to target urban centres with strong demographic fundamentals."