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£100m funding deal agreed for Masshouse apartments

A new image of more than 600 apartments to be built in Birmingham city centre has been released as developers secure £100 million to fund the latest phase of the Masshouse regeneration project.

The CGI (above) shows the first phase of development at Exchange Square as seen from James Watt Queensway next to Aston University.

It has been released by developer Nikal as it announces that LaSalle Investment Management has agreed a deal worth in excess of £100 million to acquire the long leasehold.

Manchester-based Nikal will develop three buildings – of nine, 16 and 27 storeys respectively – containing a total 603 apartments, ranging from studios to three bedrooms.

There will also be rooftop gardens, 27,500 sq ft of ground floor retail and leisure space and parking for 187 cars and 78 bikes.

LaSalle Investment Management has acquired the long leasehold interest in the residential units for build-to-rent apartments on behalf of an unnamed client.

The project, to be built next to the 21-storey Mclaren office building, was given planning permission by Birmingham City Council yesterday while a second phase, to build 223 apartments, is currently going through the application process.

Exchange Square is the latest stage of the long-running redevelopment of the land formerly occupied by the Masshouse Circus traffic island system which has already seen two residential towers – Hive and Masshouse – completed while a third called Lighthouse is nearing completion.

The first phase includes a 5,000 sq ft hub that will contain a number of services for residents, including a concierge and access to a private lounge.

Work is anticipated to begin on the site this summer, with completion of the first block in 2018 and the final block before the end of 2019.

Looking to buy in this up and coming area? Keep an eye on the Birmingham city centre property section on our website.

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