A major residential development in the centre of Birmingham changed hands todayin a deal worth #6.5 million.
Saturday Bridge, an apartment block recently completed by Crosby Homes, has been acquired by one of the UK?s biggest landlords ? at.home nationwide ? in a deal brokered by city centre specialists Stirling Ackroyd.
The Saturday Bridge development was previously part of the ING UK Residential Property Fund, but with its strategic goals changing ING felt it was time to divest ? happily coinciding with at.home nationwide?s expansion plans.
Located close to the canal and near the popular Mailbox, the 45 apartments are mostly two-bedroom, two-bathroom which will be let out on furnished/unfurnished basis.
At.home nationwide is part of the Nationwide Building Society and specialises in rental accommodation. It currently has more than 2,500 flats throughout the UK.
The company offers flexible lease options offering tenancies from as little as one month to two years ? offering a neat solution to individuals seeking quality temporary accommodation, a problem facing many professionals working in central Birmingham.
Philip Jackson, director at Stirling Ackroyd, said: ?We knew of ING?s desire to divest and looking around we were also aware of a.hn?s expansion plans.
?It has been a mutually beneficial deal that will impact positively on the central Birmingham lettings market.
?This lettings market is currently a growing one and the presence of companies such as a.hn reflect its maturing nature.?
Graham Waddell, managing director of at.home nationwide, said Birmingham was experiencing a lot of inward investment and its healthy rental market offered potential for his business to expand into.