12 July 2016, London: Aprirose, the leading real estate investment company, has exchanged on a deal to forward-fund the development of the Left Bank scheme, a 22-storey residential building in Birmingham city centre.
The Left Bank scheme, located on the junction of Broad Street and Sheepcote Street, is Aprirose’s first large scale residential development project in the UK having previously undertaken large scale residential development projects in Continental Europe.
The development, which is set to transform the area, has been designed by Glancy Nicholls Architects, and includes 189 luxury apartments and commercial space on the ground floor. The construction of the tower, located in the heart of Birmingham, will be managed by Midlands based developer Regal (West Point) Ltd, a subsidiary of the Regal Property Group and delivered by Wates Construction.
Manish Gudka, CEO, Aprirose, said: “This will be our first large scale residential development in the UK and securing this deal underlines the diversity of our investment strategies and our belief in Birmingham, which is undergoing a period of growth and regeneration.
“The Brexit vote has led to some schemes across the country being mothballed and investment in real estate stalling, however, we see this as a period of great opportunity. We are a stable, well financed and mature company with strategies in place to invest in the right properties in the right locations and to continue to expand our £1 billion property portfolio.
“The HS2 rail link and £650 million redevelopment of Birmingham's Grand Central station, as well as Arena Central and Paradise will help to drive demand. There is currently a shortage of quality housing in the city centre and a strong appreciation of house prices, so we see this as the perfect investment opportunity, and a strong first step into larger residential schemes.”
The scheme is located directly next to Brindleyplace, International Convention Centre, National Indoor Arena and the Central Business District, which is home to 10,000 employees from start-ups to FTSE 100 companies including Lloyds TSB Bank, Deloitte, RBS and Deutsche Bank.
Additionally, Aprirose has previously undertaken three office-to-resi conversions in central London.