Watkin Jones, the UK's leading developer and manager of residential for rent homes and Get Living, the UK’s pioneer of large-scale build to rent neighbourhoods have agreed a £136 million forward funding deal to deliver 551 new homes at Sherlock Street, Birmingham. Colliers advised Get Living on the transaction.
Representing Get Living’s first acquisition in Birmingham, the development will provide 551 beautifully designed one, two and three-bed apartments, 47 of which will be affordable. Residents will be able to enjoy social lounges, a gym and co-working space in the scheme, which will also benefit from double-height reception areas, a landscaped podium, and a double-height sky lounge.
Located within 500m of the iconic Bull Ring shopping centre, in the heart of Birmingham City Centre, Sherlock Street (currently known as Maker’s Yard) is Watkin Jones’ largest build to rent development to date and will be ideally placed for residents to benefit from the city’s extensive retail, restaurants and bars, as well as public transport from Birmingham New Street Station.
Paddy Allen, head of Operational Capital Markets at Colliers, comments: “The voracious demand we are seeing for BTR units shows no signs of slowing, particularly for schemes such as Maker’s Yard which is one of the most exciting residential developments in Birmingham. The finished product will blend living space with the highest quality communal areas, alongside commercial opportunities to create a real buzz at the site. It is fantastic to have advised Get Living and successfully take the project to the next stage.”
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. Sherlock Street is perfectly located on a brownfield site in the centre of Birmingham and will offer its residents an amazing lifestyle in a highly sustainable place that offers real long-term value to the wider community.
“Institutional investment like this makes a real difference for places with a significant shortage of rental homes. We have a strong record in Birmingham and are actively looking at new opportunities across the Midlands.”
Rick de Blaby, CEO of Get Living, added: “Birmingham, 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.
"This transaction for such an attractive scheme takes our secured development pipeline to circa 6,500 homes supporting our ambitious strategy to grow our portfolio to 15,000 homes within the next five years."
“It is our responsibility, as long-term owners and custodians, to ensure we provide a sustainable neighbourhood for people in Birmingham, not just to call home and put down roots, but also to set the stage for a community to thrive.
“We look forward to working with Watkin Jones as they deliver the scheme.”
Sherlock Street is located on a 2.47-acre site and will feature a new pedestrianised public square that connects the city centre with the wider Rea Valley Urban Quarter, as well as giving access to the scheme’s circa 16,500 sq ft of ground floor commercial space that will enable local employment opportunities.
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.
Get Living was advised by BCLP and Colliers. Watkin Jones was advised by Addleshaw Goddard.