Outpost acquires site for Enclave in Birmingham

In a joint venture with BlackRock Alternatives, Outpost Management acquires a site for Enclave in Birmingham, a Build to Rent scheme.

Enclave in Birmingham. Outpost Management's joint venture with BlackRock Alternatives acquires the Lower Essex Square site to deliver the Build to Rent scheme | BTR News
Enclave in Birmingham. Outpost Management's joint venture with BlackRock Alternatives acquires the Lower Essex Square site to deliver the Build to Rent scheme.

Through its joint venture with BlackRock Alternatives, Outpost Management announces the acquisition and funding of Lower Essex Square, a pre-approved development in Birmingham from Lower Essex Ltd – a subsidiary of Apsley House Capital Plc and Galliard Homes. The Build to Rent scheme will operate under Outpost Management’s Enclave brand.

Savills, Howard Kennedy and Gowlings advised Apsley House Capital Plc and Galliard Homes Limited and BlackRock Alternatives was advised by Simmons & Simmons, CBRE and Cast Consulting.

“This transaction, negotiated through turbulent political and economic times, is testament to the robust investment credentials of UK Build to Rent. Helping to bring together this partnership has been a great privilege and I am thrilled we could support the JV through another forward funding transaction.”

Polly Simpson, Head of Multifamily Development, Savills

Designed by Claridge Architects, the 557,000 sq ft residential-led, mixed-use scheme will deliver 628 new Build to Rent homes – a mix of 306 one-bedroom, 295 two-bedroom and 27 three-bedroom apartments, and 20,000 sq ft of ground floor commercial and amenity space, spread across three buildings of 27, 12 and eight storeys respectively. Construction work at Enclave in Birmingham will start imminently, with phased completion expected from summer 2025 to summer 2026.  

“The news of BlackRock’s investment into the Birmingham housing market is incredibly positive news for the city, igniting a real sense of excitement for the future. With a pressing need for affordable and high-quality homes, this major step forward promises to bring much-needed new homes.  

“Birmingham’s status as a top destination for foreign investment has only been further cemented by this bold move, and it’s clear that BlackRock’s confidence in this city’s potential for growth is unwavering. This is another huge step forward for Birmingham, and we can’t wait to see the positive impact it will have on the community as a whole.”

Councillor Ian Ward, Leader of Birmingham City Council 

Enclave in Birmingham will offer residents a market-leading set of amenities and finishes, expected to provide accommodation and amenity beyond what is currently on offer in the Birmingham market.

Amenities include panoramic roof top gardens and lounges, dining suites, and co-working spaces, and leisure spaces such as a gym, cinema and a 3D simulation suite. 

“Birmingham is a thriving city, and we are very pleased to be delivering yet more exceptional homes for local people, this whilst bringing more global investors into the city is something we are incredibly proud of.  We are activity seeking additional opportunities nationwide to expand upon the great successes we have had here.” 

Gerard Nock, Chairman, Apsley House Capital Plc

Located a short walk from the South of Birmingham’s city centre and New Street Station, the Enclave development is immediately adjacent to the 40+ acre Smithfield regeneration area, which will deliver significant public realm and amenity improvements.

“We are proud to have acquired this fantastic development, and are excited to be bringing the Enclave brand to Birmingham as we expand our platform nationally. The city’s undersupply of housing, projected population and employment growth, proximity to London and increasing retention of higher education graduates all contribute to making it an ideal location to invest. 

“We’re on a journey to transform the rental market, by creating pragmatic lifestyle-enabling homes that empower our residents to live their own way, and in less than a year since we launched the Enclave brand, we now have more than 1550 units in operation or development.” 

Troy Tomasik, Founder and CEO, Outpost Management

The acquisition of Lower Essex Square is the second asset acquired by the joint venture through its Real Estate business, which is investing £500m in UK residential assets.

This is the second asset to be acquired by the joint venture with BlackRock Alternatives, through its Real Estate business, which is investing £500m in UK residential assets.

“We are thrilled to continue our Build to Rent partnership with Outpost, driven by our joint ambition to invest in high-quality, best-in-class assets. As this acquisition demonstrates, we continue to see attractive opportunities in the UK residential market, particularly in high-growth areas such as Birmingham. More broadly, it aligns with our wider investment strategy of investing in sectors experiencing strong structural tailwinds.” 

James Halstead, Director, BlackRock European Real Estate

This news follows Outpost Management’s launch of its Enclave brand in 2022 with its Enclave: KX open and Enclave: Croydon due to be completed soon.