01st March 2019
The residential development market in Birmingham is one of the most active development markets within the city, with just over 5,000 residential units under construction, according to Deloitte’s 2019 Crane Survey. With this increase in residential development across the city, we opened our Birmingham office in May 2018 to ensure we are best placed to service the needs of our clients.
We manage two blocks in the recently completed The Curve development at Park Central. Our team were initially instructed on 78 units in Lincoln, the first phase of the development, which were all successfully let out within a few months. Due to our exceptional performance with the rental units at Lincoln, the team was subsequently instructed on 23 units within the next phase, Washington. We have successfully let out 83% of our rental instructions as the end of February. Across both of these phases, our team managed to secure gross rental yields between 4.5% and 5.1%, with the average for the development being 4.7%. The tenant profile for The Curve is split between international students and young working professionals, including university lectures and doctors, due to the development’s proximity to local universities and hospitals.
Birmingham’s future is extremely bright, with HS2 due to arrive by 2026, with many major employers choosing to expand or relocate to the city. Along with the large and diverse student population, Birmingham is truly embracing the title of Britain’s second city and will continue to expand and evolve.
Birmingham has so much to offer to its residents including a multitude of canal side bars – Birmingham’s canals cover more distance than those of Venice, Michelin Star restaurants and an amazing shopping district with many big brands including Selfridges and the world-renowned Bull Ring shopping centre. Birmingham is also home to the Botanical Gardens and Cannon Hill Park, which are lovely for seeing the outdoors and enjoying walks in the warm months.
If you would like to find out more about how we can assist you with any property requirements in Birmingham, please contact us on firstname.lastname@example.org or call us on +44(0) 203 551 9900.