Birmingham Properties Group has unveiled £45 million development plans across the West Midlands after an acquisition spree.
The Post reported last week the city firm was developing Kensington House, a 132-bedroom student studio scheme next to the Mailbox, which is due to open in September 2015.
The group has also bought a site in Bromsgrove Street, in the Southside area of Birmingham city centre, where it will develop at least 70 residential units, as well as a large site in Alcester Road, Moseley, Birmingham, where it plans to build 50 apartments.
John Tebbutt, managing director of BPG, said a more buoyant property market, plus better conditions both in purchaser demand and funding availability, has enabled the company to begin several new projects.
Investments owned by the company that were not considered to be core holdings have been disposed of to release equity to enable BPG to carry out the new developments, in conjunction with debt from Royal Bank of Scotland, Handelsbanken, and other lenders.
“Now that speculative development is viable once more in the region, it seemed the right time to get our exciting plans under way,” he said.
Kensington House boasts a cinema room, games room, collaborative learning areas, its own gym and secure parking.
Even at this early stage, it is 50 per cent reserved for the September 2015 term. Mr Tebbutt added: “The site in Alcester Road already had planning consent, so we are hopeful of making a start on site this year delivering new apartments into a popular area on a site that has been dormant for over 10 years.”
Outside Birmingham, the company has acquired the historic Poor Clares Convent, in Baddesley Clinton, Warwickshire, which closed in 2011 after 160 years.
BPG achieved planning consent to create 17 high-spec residential properties, a mixture of both conversion and new build, developing luxury accommodation that will range in size from 800 sq ft to more than 3,000 sq ft. It will also develop a new substantial six-bedroom home of over 5,000 sq ft in the convent ground.
“The convent is in a secluded part of one of the most highly regarded villages in the West Midlands and I have no doubt that it will be exceptionally popular when we begin to release details for sale later in the year,” said Mr Tebbutt.
“All these acquisitions signal a real shift in gear for Birmingham Properties Group and we are very excited to get these schemes under way.
“We are still very keen to acquire additional opportunities in the residential student and commercial sectors and are well placed financially to do so."
