Court Collaboration under offer at New Garden Square

Birmingham developer Court Collaboration is under offer to acquire a 400-home development from Calthorpe Estates and U+I at Edgbaston’s New Garden Square for £11m. Court Collaboration has entered into a period of exclusivity with sellers, and has yet to exchange contracts. The price could vary, depending on pre-planning guidance from Birmingham City Council regarding the number of units to be proposed on a reserved matters application. The 10.7-acre site on Hagley Road has outline planning for 400 homes, with an estimated end value of more than £100m. Court Collaboration will seek to deliver a build-to-rent scheme of at least 375 apartments. In October 2018, Calthorpe Estates and U+I instructed agents to bring on funders to deliver the £330m mixed-use scheme, which also includes 500,000 sq ft of offices, 25,850 sq ft of retail and a 100-bedroom hotel. CBRE and Highgate Land and Development took the residential portion, with Colliers International advising on the commercial funding. The duo initially looked for funding and sought to hold the residential assets, but are now pursuing a sale to the developer. Court Collaboration was founded in 2011 by former Wragge & Co real estate lawyer Anthony McCourt. The residential-led development company has backing from Tony Gallagher and China’s PGC Capital. It currently manages a portfolio of £1bn across some 15 sites, including its proposed 51-storey BTR tower at One Eastside, which is set to be the largest tower in Birmingham next to the HS2 Curzon Street Station. Calthorpe Estates and Court Collaboration were approached for comment. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette