BIRMINGHAM, England--(BUSINESS WIRE)--A multi-million pound development of hundreds of homes near Birmingham city centre has taken a step closer to becoming reality after Apsley House Capital and Galliard Homes announced they have acquired a 12-acre regeneration site.
The two companies have bought the Soho Loop site near City Hospital from City and Provincial Properties for an undisclosed sum in a joint venture and plan to transform it into an exciting new canal-side community. The joint venture teamed up with Claremont Property Group to purchase the site.
Just minutes from Brindleyplace and next to the increasingly popular Jewellery Quarter, Soho Loop sits alongside the Main Line canal. Birmingham City Council has already given planning consent for 500 homes. The current consent allows for the development of six key plots, with three fronting Dudley Road.
Apsley House Capital intends to submit an application for revised planning consent to create up to 800 homes and extend the city core in a green, garden-style environment.
Vacant and derelict buildings will make way for a variety of energy efficient homes that will help to address the city’s housing shortage. The plans include a mix of homes accessible to the new urban generation.
Robin Norstrom, director of Apsley House Capital, said the deal is the latest demonstration of the London-based investment company’s commitment to developing thousands of high quality homes in Birmingham city centre.
He said: “We are really excited about the Soho Loop development. It is going to transform what is a neglected and derelict area of Birmingham into a canal-side quarter of high quality homes with character in a green pocket. It has the added attraction of being just a few minutes’ walk or cycle from all that Birmingham has to offer in terms of entertainment and employment. It is an ambitious project which will deliver well-managed good quality housing.”
Soho Loop sits next to Icknield Port Loop and features in the Greater Icknield Masterplan, part of the Birmingham Development Plan.
Manjit Deol, founder of Claremont Property Group, said: “The Soho Loop development will bring new life back to what was once a densely occupied industrial hub. The canal frontages provide an attractive residential environment, just over a mile from the city centre.”