Construction has commenced on Birmingham’s first ever purpose-built PRS scheme, which was acquired by Rockspring Property Investment Managers LLP (“Rockspring”), on behalf of Rockspring TransEuropean Property Limited Partnership VI LLP (“TEP VI” or “the Fund”) in May. The project marks the start of the wider €559m (£500m), ten-year regeneration of Birmingham’s historic Smithfield markets area, which sits adjacent to the Bull Ring shopping centre.
Rockspring acquired The Forum (formerly The Beacon), which is located on the former Leisure Box site on Pershore Street, for a total development cost of €56m (£50m). Once the building works are complete, Atlas Residential (“Atlas”), who Rockspring has appointed as advisor to the scheme, will operate the residence and assist in the finalisation of the building design and amenity provision.
The Forum is on track for completion in early 2018 and will comprise 16165.13m² over 11 floors, providing 334 modern apartments for rent, including 262 one-bedroom and 67 two-bedroom apartments, as well as five studios. Residents will have access to a private gym, underground parking and landscaped gardens in the scheme, which is a ten minute walk from the Bull Ring shopping centre, Birmingham New Street station and Grand Central.
The regeneration of Smithfield, is one of the largest projects of its kind in the UK currently and will eventually comprise over 27870.91m² of leisure, retail and cultural space as well as 2,000 new homes.
The development was acquired by Rockspring from Hallmark BY Development, a joint venture between Bouygues Development (subsequently rebranded to Linkcity) and Hallmark Investments, the current landowner. Bouygues UK is the main contractor for the development, while Linkcity has been retained as development manager and the architects are Costorphine + Wright. Atlas, which is one of the largest private rented sector operators in the United States with a 20 year track record, is asset manager to the scheme.
