High Street Residential is launching the first phase of the €157m (£133m) Kent Street project. Work on a major regeneration project near the centre of in Birmingham will start in early February. The Cording Real Estate Group has already agreed on a €58.7m (£49.7m) forward funding deal for a ten storey building on the 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 with a minimum of 262 mainly one and two-bed apartments for private rent (PRS), which may increase to 279 units, subject to planning consent for the additional 17. Nobles Construction is carrying out the building work, which is expected to be completed in June 2022.
Kent Street is the second to secure Cording’s backing – the other is in Warrington - and High Street Group Chairman, Gary Forrest, said: “This demonstrates the confidence which investors have in PRS. It offers extremely attractive yields and capital growth in the form of non-volatile, high-quality assets with attractive, long term returns. Birmingham is undergoing significant regeneration and represents a great place to invest. Local demand for professionally managed, purpose-built rental accommodation is rising quickly and to meet this we are creating high-quality living spaces, future-proofed through the use of the latest smart technologies. There will also be communal relaxation facilities, where people can meet, form friendships and build new communities.”
