CBRE SEALS BIRMINGHAM'S LARGEST EVER PRS DEAL
£145m scheme planned for land on Broad Street
Global real estate advisor, CBRE, has advised on the land disposal of 212-223 Broad Street in Birmingham on behalf of Richardson’s Capital LLP and Cordwell Property Group. The site is proposed to become a £145 million PRS scheme with 450 residential units planned - Birmingham’s largest PRS scheme to date.
The disposal marked a collaboration between CBRE’s Midlands and London teams, endorsing the newly created Residential Investment and Development business unit within the UK business.
Comprising 0.77 acres, the site occupies a prominent position in Birmingham and benefits from close proximity to the city centre and all major transport hubs. The development site, purchased unconditionally, reaffirms investor confidence in the private rented sector following the referendum, as the number of people living in rented accommodation continues to rise.
This deal is the third PRS site we have been involved with in Birmingham in the last four months highlighting both the team’s PRS expertise but also what a popular investment choice the private rented sector continues to be. Birmingham is one of the UK’s most rapidly growing cities and is an excellent option for those looking to diversify their portfolio and invest in assets outside of the capital.