Global real estate investment manager, Invesco, has completed the legal documents to forward fund a £98 million investment with us to deliver 484 Build to Rent units in the centre of Birmingham.

The project, Holloway Head, is being developed in partnership with our Residential arm, with the construction of the first phase (a 17 storey building) expected to begin later this year.

Located between Blucher Street, Gough Street, and Ellis Street, Holloway Head currently comprises a car park and the Girl Guides headquarters at Trefoil House. The development will benefit from close proximity to Birmingham’s Mailbox, Arena Central, and Concord House, which is home to the city’s most expensive apartment, as well as key transport links close to the planned HS2 terminal at Curzon Street.

This development joins our significant portfolio of ongoing developments in Birmingham; including Kent Street Baths, a £133 million development of 580 apartments in two phases, and Westminster Works – a £50 million, 8 storey development of 220 units.

On Holloway Head and Invesco

John German, Managing Director of Residential Investments at Invesco Real Estate stated: ‘Adding Birmingham to our growing portfolio is a great next step [for Invesco] due to its positive market outlook, growing reputation as a business destination and positive rental growth outlook. […] As with all of our development projects, we’re excited about the opportunity to provide a ‘best in market’ residential product for today’s rental market with units designed and built for purpose with our partner, High Street Residential.’

Our Chairman, Gary Forrest added ‘Birmingham is undergoing significant regeneration and represents a great place to invest. Local demand for professionally managed, purpose built rental accommodation is rising quickly. I am delighted that Invesco Real Estate as agreed to partner with us to develop Holloway Head. Like all our developments, it offers an extremely attractive opportunity for investors to take advantage of a non-volatile, high quality asset offering attractive long term returns.’

Rental demand in Birmingham

With house prices surging due to a chronic lack of housing, demand for rented city centre living among young professionals has been driven up in the last few years. However, there are just 5,579 rental units committed to Birmingham, versus the 74,767 in London and 23,320 in Manchester.

This, combined with the city being the youngest in Europe, and a hub for over 12,000 start-ups has led to the Group and High Street Residential paying particular attention to Birmingham.

To find out more about our developments in Birmingham or across the UK, visit our Developments website.