Galliard Homes and Apsley House Capital boost Birmingham development pipeline
Galliard Homes and Apsley House Capital have completed a second site acquisition in Birmingham’s Jewellery Quarter.
The joint venture partners have bought the long leasehold on a four-acre site on Summer Hill Road from British Airways Pension Fund. The freehold of the site has also been acquired.
The terms of the transaction are undisclosed.
The site, bounded by Summer Hill Road, Powell Street, Camden Street and the A4540 Icknield Street, is currently home to a two storey 92,472 sq ft office development and a 206 space surface car park.
The JV team is planning a residential scheme of more than 500 new homes at the site, called Camden Yard.
Stephen Conway, executive chairman, Galliard Homes, said: “This is the fourth site we have acquired in Birmingham. We have around 2,000 new homes with a GDV in excess of £500million in the pipeline for the city and are looking forward to starting work on the first of these before the end of this year.”
Robin Norstrom, a director at Apsley House Capital, said: “The site is a significant gateway into the Jewellery Quarter and our second here following our acquisition of the AE Harris site. We are huge fans of this historic district and our holdings will make us the biggest residential developer in the area.”
Loan facilities for the deal were provided by OakNorth bank.
Damien Hughes, senior property finance director at OakNorth, said: “OakNorth provided finance for the JV’s acquisition of the Soho Loop site in Birmingham. We are delighted to partner with them again on this latest purchase.”