Taylor Grange plans £280m Birmingham resi scheme

Birmingham’s Taylor Grange has exchanged contracts to buy a major site on the city’s Broad Street for a £280m high-rise residential scheme. The developer will acquire the 250-year lease for The Square from Freshwater Group and the Schools of King Edward VI for more than £15m. It has had pre-application discussions with Birmingham City Council, and is looking to develop a hybrid scheme of flats and an apart-hotel on a 1.7-acre site. Two blocks, including a skyscraper, will be dedicated to around 600 apartments, with a third for 150 serviced apartments. Taylor Grange is in talks with funders, exploring a private sale or build-to-rent exit. It is also seeking a prelet operator to fund the apart-hotel. Broad Street is designated for high-rise development. The Square is one of a small number of city centre development opportunities. It is next door to the city’s tallest tower, at 61 storeys, which Euro Property Investments is developing. Samuel Ginda, chief operating officer at Taylor Grange, said: “With the government announcing last week that HS2 will proceed, combined with the strength in Birmingham’s residential property market over the last few years, this scheme will be a well sought after development for funders to back.” Taylor Grange specialises in city centre, residential-led development, with a build-to-rent focus, largely concentrated in Birmingham and the Midlands. Last week, it was granted planning consent for the city’s first “slender highrise” scheme, at 210-211 Broad Street. The 37-storey tower will be just 9.5m wide, comprising 264 serviced apartments. This follows Taylor Grange’s recent success in the city, at the 483-home Holloway Head in a jv with the High Street Group, which had been sold as a build-to-rent scheme to Invesco in a £98m forward funding deal. Avison Young, JLL and Highgate Land and Development advised the seller. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette