Regal Property Group seek Broad Street BTR forward funding

Regal Property Group have instructed BNP Paribas Real Estate to secure a Build to Rent forward funding investor for its Broad Street Build to Rent scheme.

90-97 Broad Street Build to Rent development in Birmingham. Regal Property Group have consulted BNP Paribas to seek forward funding for the scheme | BTR News
90-97 Broad Street Build to Rent development in Birmingham. Regal Property Group have consulted BNP Paribas to seek forward funding for the scheme.

Developer Regal Property Group have instructed BNP Paribas Real Estate to secure a Build to Rent forward funding investor for Birmingham-based 90-97 Broad Street, which will have a GDV of £200m+.

The Build to Rent scheme is situated on the Westside area of Birmingham city close to Brindley Place.

The 47 storey, 525 apartment Build to Rent scheme totals 43,709 sqm and comprises of one-and-two-bedroom apartments. The freehold site is over 0.63-acres.

“90-97 Broad Street has been designed to top specification with the modern renter in mind. Delivered in partnership with leading local architects Glancy Nicholls, we are developing a product which captures the requirements of the idealised work/life balance as allocations towards amenity-based spaces in key regional locations increases. This scheme will take us to over 1,000 units on Broad Street, which is now the prime residential quarter of the city.”

Mark Holbeche, Director of Development, Regal Property Group

Broad Street’s 1,340 sqm private amenity space features co-working spaces, a gym and yoga space, cinema, private dining, events room, arcade games room, nursery/crèche and the highest sky lounge in the city.

There is also an external residents landscaped pocket park on the ground floor.

“This is an excellent opportunity to secure an amenity-led Build to Rent investment offering within a highly sought after and prime area of Birmingham’s city centre, neighbouring major cultural, business, and finance hubs at a time where its position as the UK’s second city is being affirmed. Birmingham is a key destination for Build to Rent investment with its demographics all pointing in favour of a scheme of this nature – a youthful and growing population of renters, many with no dependants, and a high graduate retention. Its role as a rising innovation and tech destination is fast being established too, which we anticipate will continue to draw in and maintain talent.”

Andrew Screen, Head of Residential Capital Markets, BNP Paribas Real Estate

90-97 Broad Street is located adjacent to the new Metro stop directly outside of the site, with the Five Ways rail station less than a ten-minute walk away.

Conveniently, it is also located nearby Arena Central and Paradise alongside key occupiers including HSBC, PWC, and Deutsche Bank.

It is anticipated that subject to a S106 Agreement, planning will be granted in Q4 2023, with works to start on site in Q1 2024, and following a 44-month construction period, completion is expected in Q3 2027.