BlueCastle acquires former Brum M&S for BTR

BlueCastle Capital, a build-to-rent developer, has acquired a former Marks & Spencer store in Birmingham for a residential-led development. Marks & Spencer sold the site, which it no longer occupies following a move to the Bullring. The site at 42 High Street will be converted into build-to-rent homes. The development is intended to form part of BlueCastle’s seed portfolio for its UK build-to-rent fund. BlueCastle has a pipeline of more than 1,500 build-to-rent homes, which also includes sites in Stevenage, Cardiff and Sheffield. Ed Williams, chief executive of BlueCastle, said: “This is a once-in-a-generation opportunity to create a landmark residential development at the heart of one of the UK’s fastest-growing cities. Our vision is to deliver an outstanding build-to-rent scheme that sets a new benchmark for quality, sustainability and urban living. “Birmingham’s connectivity, culture and momentum make it a key city for our long-term strategy, and the site’s strategic location next to the HS2 terminus makes it a critical piece in the city’s regeneration puzzle.” M&S was advised by CBRE. Image via BlueCastle Capital