Developer and manager of residential for rent homes – Watkin Jones – and Get Living, the UK’s pioneer of large-scale Build to Rent neighbourhoods have agreed a £136m forward funding deal to deliver a new Build to Rent scheme at Sherlock Street in Birmingham. Get Living was advised by BCLP and Colliers and Watkin Jones was advised by Addleshaw Goddard.
Representing Get Living’s first acquisition in Birmingham, the Sherlock Street development (currently known as Maker’s Yard) will deliver 551 beautifully designed one, two and three bedroom Build to Rent apartments, 47 of which will be affordable. Amenities include social lounges, a gym and co-working space, and the scheme will also benefit from double-height reception areas, a landscaped podium and a double-height sky lounge. The neighbourhood will be managed and operated by Get Living on behalf of its investors, with the final phase of the scheme expected to complete in 2025.
“Our teams have done a superb job developing this scheme and we’re very pleased to have secured an investor with the knowledge and commitment of Get Living to take it through delivery with us. Sherlock Street is perfectly located on a brownfield site in the centre of Birmingham and will offer its residents an amazing lifestyle in a highly sustainable place that offers real long-term value to the wider community.Alex Pease, Chief Investment Officer, Watkin Jones
“Institutional investment like this makes a real difference for places with a significant shortage of rental homes. We have a strong record in Birmingham and are actively looking at new opportunities across the Midlands.”
Sherlock Street is located on a 2.47-acre site and will feature a new pedestrianised public square that connects the city centre with the wider Rea Valley Urban Quarter, as well as giving access to the scheme’s circa 16,500 sq ft of ground floor commercial space that will enable local employment opportunities.
The Sherlock Street development is located within 500m of the iconic Bull Ring shopping centre in the heart of Birmingham City Centre. The scheme is Watkin Jones’ largest Build to Rent development to date and will be ideally placed for residents to benefit from the city’s extensive retail, restaurants and bars, as well as public transport from Birmingham New Street Station.
“Birmingham, the UK’s second largest city has always been on Get Living’s wish list and so we are very excited to have secured this key city centre location with Watkin Jones for what will be Get Living’s eighth large-scale neighbourhood.
“This transaction for such an attractive scheme takes our secured development pipeline to circa 6,500 homes supporting our ambitious strategy to grow our portfolio to 15,000 homes within the next five years.
“It is our responsibility, as long-term owners and custodians, to ensure we provide a sustainable neighbourhood for people in Birmingham, not just to call home and put down roots, but also to set the stage for a community to thrive.
“We look forward to working with Watkin Jones as they deliver the scheme.”Rick de Blaby, CEO, Get Living