Phase One of Nikal’s Exchange Square project in Birmingham City Centre has marked a key milestone with an official ‘topping out’ ceremony attended by The Deputy Lord Mayor of Birmingham, Councillor Yvonne Mosquito.
Also known as Allegro, the first two buildings of the build-to-rent scheme are complete and the final 27-storey tower is on track for completion in November this year. Main contractor Sir Robert McAlpine celebrated progress along with representatives from Nikal and LaSalle Investment Management. Contractors and suppliers were invited to attend, 60% of which were from Birmingham and the West Midlands, and were thanked for their role in the development’s delivery.
Allegro was Birmingham’s first significant build-to-rent scheme and acted as a catalyst for further BTR in the city. LaSalle Investment Management forward funded the development on behalf of one of the UK’s largest pension funds in a £105m deal – one of the largest forward funding deals for a scheme of this size outside of London.
Allegro offers 603 high quality rental apartments making it the largest build-to-rent development in the city, with a mix of studio, one, two- and three-bedroom apartments available for rent. Prices start at £800pcm for a one-bedroom apartment and all residents can enjoy exclusive access to a 20,000 sq ft landscaped roof garden and 5,000 sq ft ‘hub’ that includes a concierge, parcel lockers and a members’ club-style lounge.
Communications with the concierge and access to the parcel lockers can all be done via a bespoke Allegro App. Other services available through the App range from dog walking to private doctor appointments, as well as dry cleaning and apartment cleaning.
Residents’ health and well-being is another top priority at Allegro with a recently launched ‘wellness centre’ that offers residents inclusive state-of-the-art gym equipment, provided by industry leaders Technogym. Residents can also enjoy on-demand access to four of Urban Training’s top personal trainers. In addition to regular work out assistance, the PT’s offer on-site lifestyle consultations and health MOT’s as well as weekly group exercise classes that will help build community spirit within the complex.
Within the development is 30,000 sq ft of prime retail/leisure space that opens onto new landscaped public realm creating an ‘urban village’ feel and providing residents and the local community with new amenity and entertainment options. The retail/leisure space has just been released for rent by Birmingham based agents, Rapleys.
TOPPING OUT
The ‘Topping Out’ ceremony was staged in the residents’ landscaped roof garden where Hector McAlpine, Executive Partner of Sir Robert McAlpine addressed guests, saying, “Our company vision, ‘Proudly Building Britain’s Future Heritage’, is no more relevant than here at Exchange Square. We are proud to be part of the team to deliver luxury rental apartments and to play our role in enabling tenants to live in a new Urban Village in the centre of Birmingham.”
The event marked a significant milestone in Nikal’s history with the site and with Birmingham along with some key project milestones, which included:
- It’s estimated that the project has employed over 500 people, with 60% of them from the local area
- Over one million bricks have been used to craft the buildings, each one expertly laid by hand in 32 layers
- There are 898 bedrooms, 3,000 internal doors, 5,000 taps and 3,600 windows
Hector McAlpine introduced Andrew Stanford, Head of UK Residential at LaSalle Investment Management, who was given the honour of ringing the handbell to mark the official start of the ceremony and, in line with ‘topping out’ tradition, awarded a tankard of ale to the development’s Works Manager after he nailed an evergreen bough to the ceremonial structure.
Andrew Stanford said, “The topping out of Allegro is a key moment in the evolution of La Salle’s build to rent portfolio. Since 2015, nearly £500 million has been invested or committed across seven schemes on behalf of our clients. These schemes will provide over 2,000 homes across the country and an entirely new customer experience for the rental market.”
ABOUT EXCHANGE SQUARE
Exchange Square is the latest element in Nikal’s £350million Masshouse Project. Envisioned five years before the dawn of ‘The Big City Plan’, Nikal developed a masterplan for the regeneration of land formerly occupied by Masshouse Circus, the ‘concrete collar’ ring road enclosing the city core. Due to its prime location at the edge juncture between the Snow Hill and Curzon Street masterplans, the strategic site provides a dynamic link between the expanding city core and the ‘Eastside – Area of Transformation’. It will also be one of the first developments visible to those arriving at the city via HS2 Curzon Street Station in 2026.
Nikal’s ambitions for the 2.75-acre site have evolved to pre-empt changing market conditions. Original plans for large scale hotel and office uses were amended to residential use in 2014, reflecting the city’s escalating requirement for new homes. Exchange Square is being delivered in two phases with Nikal having just submitted revised plans for Phase Two that include 375 build-to-rent apartments forward funded by Grainger plc and a 235-bedroom Premier Inn hotel and 6,000 sq ft Bar + Block restaurant, pre-let to Whitbread plc.
To view the live webcam at Exchange Square Phase One, please visit the development page on this website..
ABOUT LA SALLE INVESTMENT MANAGEMENT
LaSalle Investment Management is one of the world’s leading real estate investment managers with approximately US$65 billion of private and public equity and private debt investments under management (as of Q1 2019). LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open and closed-end funds, public securities and entity-level investments. LaSalle is a wholly owned operationally independent subsidiary of Jones Lang LaSalle Inc. (NYSE: JLL), one of the world’s largest real estate companies. www.lasalle.com
ABOUT SIR ROBERT MCALPINE
Sir Robert McAlpine is a family-owned building and civil engineering company operating across the UK. In 2019, we are celebrating our 150th Anniversary. We are honoured to have worked on some of Britain’s most iconic buildings and projects, such as the Olympic Stadium, O2 Arena, Emirates Stadium, the Eden Project, Victoria Gate Shopping Centre in Leeds, the M74 Completion in Glasgow and Victoria Square in Woking. The values at the heart of our operation include a commitment to the highest standards of safety, quality, engineering excellence, sustainability and an unswerving focus on the needs and aspirations of our clients. Our aim is to make a positive impact on the communities and the environment in which we operate. We believe being inclusive and nurturing a diversity of talent and skills will help us to continue our rich legacy of technical excellence and proudly build Britain’s future heritage. www.srm.com
