Patrizia Immobilien AG has gained consent for an £85m build-to-rent development in Edgbaston, Birmingham.
The scheme, called Edgbaston Residences, comprises 375 apartments and 20,000 sq ft of retail and leisure on the ground floor.
Construction is expected to complete in 2022.
Patrizia bought the site in 2017. It is adjacent to the iconic Edgbaston Cricket Ground and close to the University of Birmingham, Queen Elizabeth Hospital and Birmingham Life Sciences Park.
Edgbaston Residences is Patrizia’s fourth scheme within its BTR platform, which, alongside a further development in London, will bring 600 new BTR units into operation.
The company also operates an additional 600 BTR units in Southampton and Birmingham.
Daniel Williams, head of development UK and Ireland at Patrizia, said: “This new development will address Birmingham’s urgent need for first-rate rental accommodation whilst also providing an attractive offer for local residents, as well as for those visiting Edgbaston Stadium.
“This also follows the recent completion of the Forum, our first BTR development in Birmingham, which is already close to full occupancy.
“The provision of new homes is paramount for local and national talent looking to live and work in Birmingham, and this development provides just that. Throughout the planning process we have worked closely with both Warwickshire County Cricket Club and Homes England to ensure these plans are right for the local community, as well as for the iconic Edgbaston Stadium, the Club and its visitors.”
Neil Snowball, chief executive of Warwickshire CCC, said: “By delivering new apartments and commercial opportunities for cafés and restaurants, this development project will transform the area around Edgbaston Stadium and make it a destination for people to visit 365 days a year.
“Since the club began its development programme of Edgbaston, around 10 years ago, our aim has always been to make it one of the leading venues in the country and a great asset to Birmingham. This latest phase of development will go a long way towards achieving these goals.”
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