Plans unveiled for Birmingham’s first PRS Scheme at Jewellery Quarter
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Property developers Sterling Property Ventures and London-based investment company Long Harbour Ltd have announced an exciting project to create Birmingham’s first private rented sector (PRS) scheme, with the aim of linking the Jewellery Quarter with the Colmore Business District.
Plans for the Great Charles Place development site – currently a pay-and-display car park owned by Birmingham City Council – were unveiled on 30th September. Sterling Property Ventures has proposed to build the site in two phases.
The first phase comprises of 200 sq ft retail and leisure space, and 8,000 sq ft of office space to cater for small businesses. 320 modern studios, along with one, two and three bedroom apartments are also to be built during the first phase. The residential area will include 24-hour security and porter service at reception, and roof terraces overlooking the breathtaking views of the city.
The second phase will turn the remainder of the two-acre site into 205,000 sq ft of state-of-the-art office space for larger businesses. Planning permission for both phases are to be lodged this month.
The Great Charles Place development is the first institutionally backed PRS scheme in the city, and has been in motion since Sterling Property Values teamed up with Long Harbour in 2013.
After its completion, Long Harbour will retain ownership of Great Charles Place with plans to operate and manage its residential apartments.
Long Harbour’s investment and development manager Rebecca Taylor believes that Great Charles Place will “promote a strong sense of community, deliver homes that are of a superior quality and create a new and vibrant destination for Birmingham”.
Work on Great Charles Place is scheduled to begin in January 2016, with apartments available to rent by early 2018.