BDC

Exchange Square Development Work Commences

Work has commenced on the second Exchange Square development in Birmingham city centre, which will include 375 apartments. Nikal Ltd appointed Grainger plc to deliver the 37-storey build to rent scheme, designed by Stephenson Studio and located opposite the new HS2 Curzon Birmingham station.

Birmingham City Council’s planning committee voted through the plans at the end of 2019.

“We are delighted to progress on our Exchange Square development, our second build to rent scheme in Birmingham. The Exchange Square location makes it attractive and convenient for renters in the city, and we look forward to seeing this landmark scheme progress,” said Andrew Saunderson, director of investments at Grainger.

The formal completion of the agreement concludes the appointment of design and build specialist McAleer & Rushe as main contractor.

Grainger’s development, along with half-an-acre of new public realm known as Exchange Square, will form the first stage of works on the last phase of this development. A second stage will deliver a 15-storey 235-bed Premier Inn Hotel and 6,000 sq ft Bar+Block Steakhouse Restaurant, both pre-let to Whitbread, and 7,500 sq ft of retail space.

Exchange Square phase two is the next phase in Nikal’s £350 million urban village. Phase one, comprising 603 build-to-rent apartments across three buildings of seven, 14 and 27 storeys, was completed last November.

“We’re so proud of what we have achieved to date in Birmingham. We started with dreams and derelict land, and to see ambitions transformed into thriving busy communities that people can call home is why we do what we do,” commented Nikal co-founder and managing director Nick Payne.

“This next chapter in our Masshouse story is our most ambitious to date, and we could not have asked for a better partner in this project than Grainger. Their foresight, passion and dedication to creating a sense of place and community, whilst providing high quality homes for all, is admirable. We are looking forward to working with them to deliver Exchange Square phase two in Birmingham,” he continued.

Works started on site last week, with completion scheduled for summer 2023.

James Mannix, head of residential development at Knight Frank, also added: “This deal is a huge vote of confidence for the BTR sector and for Birmingham. Nikal is emerging as a key delivery partner for this sector and Grainger is continuing to curate one of the best institutional grade rental portfolios in the country. Knight Frank research shows that through careful and considerate tenant care during this crisis that institutional landlords have continued to collect close to normal levels of rent through the period.”

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BDC 299 December 2022