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This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Goodstone acquires Birmingham site for apartment development

Goodstone

The property arm of Australian banking giant has bought the site in Digbeth for a £130 million mixed-use project

A new property arm of an Australian banking giant has acquired a controversial development site in Birmingham set to house hundreds of new apartments.

Goodstone Living has bought the former Sulzer factory site in Digbeth, for an undisclosed sum where planning consent is in place for a £130 million mixed-use project.

The company was launched in June by Macquarie, one-time owner of the M6 Toll motorway, and is focussed on acquiring, developing and operating UK build-to-rent (BTR) projects, with the Digbeth scheme its first.

In March, the site’s previous owner Eutopia Homes won an appeal to regenerate the four-acre plot after Birmingham City Council had previously rejected its plans.

It was set to comprise 480 apartments and houses for both rent and sale, a hotel, public realm and 16,000 sq ft of commercial space, built across seven blocks ranging from three to 26 storeys.

Goodstone Living says it now wants to submit revised plans to deliver more than 500 homes and central Birmingham’s largest private garden as part of a new neighbourhood to be called Camp Hill Gardens.

Discounted commercial and retail accommodation aimed at local businesses will also be provided alongside more than 22,000 sq ft of onsite amenity space for residents.

Eutopia Homes’ original application had garnered opposition, including from West Midlands Mayor Andy Street and regional transport groups, amid concerns it could jeopardise the proposed Bordesley Chords rail project.

Martin Bellinger, principal at Goodstone Living, said: Our strategy is focused on long-term value creation and this requires us to be able to identify significant regeneration opportunities where demographics and cultural shifts are occurring to transform areas in need of new housing.

As the UK’s second largest city by population, Birmingham benefits from a large and growing pool of potential residents demanding high-quality, purpose-built and professionally managed rental accommodation, he said.

He said this makes Birmingham the perfect place for our first development project and we look forward to transforming Camp Hill Gardens into a vibrant residential community while also celebrating Digbeth’s rich industrial heritage.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.