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Another private rented sector scheme in Birmingham has sold all of its units prior to completion of construction works, with total sales worth £7.3 million.
Following in the footsteps of the Moseley Gardens development in Digbeth, masterminded by Birmingham-based Prosperity Developments, Midlands property investor and developer BPG sold all of its Newland House PRS scheme in central Birmingham before work had even completed.Full/source article
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I bet the developer cant believe their luck, Newland House is technically Edgbaston which is a lovely part of the city but there is just soooooo much choice in city centre now. It must be overseas investors, but they are braver than me.
Stewardson Developments Ltd.
Burson Land Ltd. & Jennings & Gilchreaste Ltd.
Follow me on twitter - @philstewardson
" it was acquired by BPG as part of an underperforming office portfolio and has been successfully converted into 41 modern and high-spec one/two bed apartments. "This sort of development makes a lot of sense. Converting offices is a good move as the infrastructure is already there. I realise a lot of other areas in the Midlands have done similar eg. Leicester.
It would be interesting to know how many associated parking spaces there are with this redevelopment? Probably not many needed due to the location.
It has 10 parking spaces .......say no more
Birmingham has topped a study by SevenCapital that has identified what the property development and investment firm sees as the UK’s top 10 cities for buy-to-let investment in 2020: Topping the list for 2020, Birmingham is one of the most popular locations for overall investment in the UK. Last year the city attracted the highest number of foreign direct investments outside London and the South East and with a number of projects either ongoing or in the pipeline, it is showing no signs of slowing down.
With 1.2 million residents already, Birmingham’s growth has outpaced all UK cities outside the capital in recent years, leaving a chronic undersupply of homes. As such, property price growth since 2014 has hit 19.3%, with Knight Frank predicting a further 12.5% by 2022. With rental yields for 2019 sitting comfortably between 4.4% and 5.3% according to PropertyData, the future looks bright for investors.Full/source article