The £136m deal between Watkin Jones and Get Living will deliver 47 affordable homes for the centre of Birmingham.
Build to rent landlord Get Living has agreed to forward fund Watkin Jones’ 551-home scheme for Sherlock Street in Birmingham to the tune of £136m.
The scheme, which will be 500m from the city’s well-known Bullring shopping centre, will be Watkin Jones’ largest build-to-rent development to date and Get Living’s first acquisition in Birmingham.
Of the 551 one-, two- and three-bed apartments, 47 will be affordable. The Sherlock Street site is a 2.47-acre plot on brownfield land and the new development will include a new pedestrianised public square.
According to the landlord, the Sherlock Street transaction will take its secured development pipeline to about 6,500 homes, which will help it reach its goal of having a portfolio of 15,000 homes within the next five years.
The neighbourhood will be managed and operated by Get Living on behalf of its investors, with the final phase of the scheme expected to complete in 2025.
Alex Pease, chief investment officer of Watkin Jones, said: “Our teams have done a superb job developing this scheme and we’re very pleased to have secured an investor with the knowledge and commitment of Get Living to take it through delivery with us.”
Rick de Blaby, chief executive of Get Living, added: “The UK’s second largest city has always been on Get Living’s wish list and so we are very excited to have secured this key city centre location with Watkin Jones for what will be Get Living’s eighth large-scale neighbourhood.”
Get Living was advised by BCLP and Colliers. Watkin Jones was advised by Addleshaw Goddard.
No comments yet