Property developer, Nikal, has today secured two significant milestones at its Exchange Square development in Birmingham city centre; the completion of the £100 million sale to LaSalle Investment Management for the first phase and the appointment of Sir Robert McAlpine as main contractor.
Exchange Square is one of the largest residential developments outside of London built specifically for the Build to Rent Sector.
Planning consent is in place for a total of 603 apartments – ranging from studios to three beds – over three buildings, with 30,000 square feet of ancillary ground floor leisure led retail space and 182 secure basement car parking spaces.
The first phase will see over £100 million of development delivered in three blocks of nine, 16 and 27 storeys and a 5,000 square foot members’ club-style hub, which will offer a range of exclusive services for residents including access to a concierge, a private lounge, gym and a 20,000 square foot residents’ roof garden.
Occupying a prime spot in Birmingham’s Eastside, Exchange Square is located within a strategic island site between the established city central business district and the planned Curzon development, including the site selected for the Birmingham HS2 terminus.
Says Nikal: “Sir Robert McAlpine is a trusted name in the construction sector and their appointment is a strong statement of our intent to deliver a truly first-class product to the market.
“Exchange Square’s location, close to the city’s existing commercial, retail and transport hubs, will only be enhanced through the delivery of other widely-anticipated large-scale development, including Curzon and the HS2 terminus.
“Bold development of this kind is needed to continue Birmingham’s ongoing regeneration and success. We’re proud to be playing such a significant part in the City’s exciting future.”
Work on the first phase is due to begin this month, with the first three residential blocks due to be completed during 2018 and 2019.
Andrew Stanford, Residential Fund Manager at LaSalle Investment Management said: “Exchange Square is a unique concept for Birmingham and we are delighted to have completed our transaction with Nikal to bring forward this exciting opportunity. The development represents a vital step in helping to meet Birmingham’s growing housing requirement, particularly for young professionals seeking high quality city centre accommodation.”
Simon Trevor, Midlands and North West Regional Manager at Sir Robert McAlpine, said, “We are naturally delighted to have been appointed by Nikal to bring forward the first phase of this development. Exchange Square is a significant development and we are relishing the challenges and opportunities inherent in the delivery of a scheme of this size and scope to add to our existing PRS portfolio.”
Designed by twice Sterling Prize shortlisted architectural practice, Stephenson Studio, Exchange Square builds on Nikal’s extensive experience in the Birmingham residential market having already delivered 340 units at its adjacent Masshouse development.
Waheed Nazir, Birmingham City Council, said; “Exchange Square is an important development in helping Birmingham meet its aspirations as a global city. This large-scale PRS scheme by Nikal demonstrates the huge investment opportunities available in our city. In particular, Exchange Square and East Side is becoming the prime location for new city centre living. This development, amongst others in the city, will go a long way in helping to ensure that there is sufficient housing supply to meet our current and future targets.”
Knight Frank and Savills are joint sales agents for Exchange Square and advised Nikal on the funding deal, with LaSalle advised by CBRE.