Alpha Real Trust has announced the purchase of a 162 unit central Birmingham development site with planning consent (original plan pictured) for 90,000 net developable square feet of residential apartments with ground floor commercial. The site has no outstanding Section 106/Community Infrastructure Levy requirements and has an affordable unit designation for 9 flats. Current planning provides for 395sqm of commercial space and 98 car parking spaces.
The £2.2m asking price was funded from cash reserves. The project has a potential gross development value in excess of £25m.
The Unity and Armouries development site is located in central Birmingham, within a diverse mixed-use area of the city which comprises commercial and leisure activities as well as a vibrant residential quarter. The site is close to the landmark Bull Ring shopping centre and New Street train station, which is benefiting from a £600m redevelopment, increasing passenger capacity from 25m to 52m. This will eventually provide approximately 400,000 sq ft of new retail including John Lewis. When the HS2 line is completed the journey time from Birmingham to London will be reduced to approximately 49 minutes.
ARTL : Alpha Real Trust buys Birmingham development