Work to construct a new Build to Rent development in Wolverhampton is set to get underway in the coming weeks. The development – which is the second in partnership between Wise Living and Keon Homes – will sit on the former Springfield Brewery yard site on Cambridge Street, which has lay vacant for 25 years. The £9.3m development will include 64 one and two-bedroom quality private rental homes to the city.
Work on the site comes as the Build to Rent market continues to grow. According to reports, more than £10bn has been invested in the Build to Rent market in the last five years – and Birmingham and the surrounding areas are earmarked as one of the major growth areas for the next decade.
“The Build to Rent market continues to show real resilience – in spite of the impact that the current pandemic has had on all lives, high demand for quality private rental properties shows no signs of slowing. In fact, we’ve even seen whole phases of developments reserved online in a matter of weeks. That’s why we are excited for construction on the Cambridge Street site in Wolverhampton to get underway. Once complete the site will see a total investment of £9.3m.”Robert Simonds, Business Development Director, Wise Living
The architecture of the properties and the layout of the Cambridge Street development have been designed to complement the local heritage of the area and its historical significance. Birmingham based architects – BM3 – supported the design of the scheme to help bring forward the regeneration plans that tick all the key planning boxes.
“It’s great to be able to bring another high-quality private rental scheme to the West Midlands with Keon Homes. When we first launched our partnership earlier this year with our Coventry development, it was always part of our strategy to deliver further sites together. Our values completely match in terms of our ambition to build quality rental properties that families in the UK demand.”Robert Simonds, Business Development Director, Wise Living
In January this year, Keon Homes and Wise Living announced they are working together on a 40-unit development in Tile Hill, Coventry. The site will provide brand new one and two-bedroom private rental apartments in the city, with move in dates available before Christmas 2020.
“We are delighted to have secured planning permission and completed on contracts with our development partner Wise Living. This is the second time our land-led model has sourced and secured land for our partner.
“Our Cambridge Street development will provide much needed private rental accommodation which will help enhance a former derelict yard into a scheme the city can be proud of. Our design features, aesthetics and landscaping proposals that are sympathetic to the heritage of the area and complement the surroundings. We look forward to seeing this development evolve.
“May we take this opportunity to thank everyone involved with bringing this scheme to fruition.”Warren Bolton, Director, Keon Homes
Wise Living also has developments in Telford, Birkenhead and Mansfield, with a number of new sites set to be announced in the coming months.