Leading partner for global real assets – PATRIZIA AG – celebrates the topping out of its landmark Build to Rent development in Edgbaston, Birmingham – marking a major milestone in the development. The scheme is located in Edgbaston, a core residential area in Birmingham. It will also create the city’s newest ‘rental hub’ in one of its most sought-after neighbourhoods.
The new scheme will deliver 375 high quality Build to Rent homes – a mix of studios, one, two and three bedroom apartments targeted to a broad demographic. Residents will be part of a new community designed around post-Covid living, with properties providing living spaces that are larger than the local standards. Residents will also have access to a 20,000 sq ft private podium garden and 8th floor roof terrace and a gym.
Scheduled to open to residents in Q4 2023, the scheme will be Fitwel accredited and have WiredScore Platinum-certified connectivity, along with the latest smart building technology. It will also have a Homes Quality Mark build certification, making it one of the only Build to Rent developments in the UK to achieve this accreditation.
“As Europe’s youngest city with around 40% of the population under the age of 25, Birmingham has exceptionally strong demand for high quality Build to Rent accommodation, particularly in its most sought-after postcodes. As long-term investors in cities, it’s our job to make a positive contribution to building sustainable communities; our Edgbaston scheme will deliver essential new homes that are suitable for residents from all corners of Birmingham and the Midlands. It will create the city’s newest rental hub for people of all ages in one of its most vibrant and well-established locations, which has great access to the green spaces around the city, Cannon Hill Park and the Midlands Arts Centre.”Richard Scutt, Director, Real Estate Development, PATRIZIA
Designed by global architect firm CRTKL and delivered by Winvic Construction, the development is spearheading the transformation around the Edgbaston cricket stadium into a thriving year-round destination. The scheme will also create c.15,000 sq ft of new retail and leisure space, and a new entrance plaza to the ground which will complete in time for the Commonwealth Games Women’s T20 cricket in late July 2022.
PATRIZIA acquired the site – adjacent to the iconic Edgbaston Stadium – from Warwickshire County Cricket Club and Homes England in 2017. It is situated close to the University of Birmingham, Queen Elizabeth Hospital and Birmingham Life Sciences Park, and is within 2.5 miles from the city centre.
Capitalising on one of the UK’s largest Build to Rent markets
Birmingham’s large resident student community, its medical and life science expertise and its strong commuter draw has seen it develop one of the largest Build to Rent sectors in the UK. Government statistics predict the city’s population will grow by at least 10% by 2031, supporting the need for a diverse mix of housing stock. It is also forecast to benefit from a £1.2bn economic uplift from hosting the Commonwealth Games in 2022.
“Build to Rent is one of the UK’s fast-growing real estate sectors that continues to attract high levels of investment, so the market represents a huge and exciting opportunity for PATRIZIA and our institutional clients. At PATRIZIA, we pride ourselves on being a forward-thinking partner for our clients, providing market-leading investment options across all risk spectrums. Our Edgbaston scheme delivers a development risk-return profile and grants our investors access to excellent potential for long-term income.”Felix Speetzen, Fund Manager, PATRIZIA
Including the Edgbaston scheme, PATRIZIA’s residential portfolio in the UK and Ireland will grow to over 2,000 Build to Rent homes under management or in the pipeline in major UK cities. It will also position PATRIZIA as one of Birmingham’s leading PRS providers with over 700 properties under management in the city.
A global company, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 37 years. PATRIZIA manages over EUR 48bn in assets and employs over 800 professionals at 24 locations worldwide.
PATRIZIA has been impact investing since 1984 – and through the PATRIZIA Children Foundation, the company is committed to social responsibility. The Foundation has helped over 250,000 children in need worldwide gain access to education, giving them the chance of a better life.