John Sisk & Son has landed ‘the largest build-to-rent deal outside London’, valued at £302 million.
The firm has broken ground at Great Charles Street in Birmingham, to deliver 722 new rental properties across four blocks standing six to 39 storeys tall.
Inside the deal: The new neighbourhood, in the city’s Jewellery Quarter, is being led by Moda Living, a Caddick Group developer business.
The landmark scheme has been backed by US investment firm Harrison Street, UK insurance company NFU Mutual, and London property investor Apache Capital Partners, with a £188 million development loan from UK real estate financer Precede Capital Partners.
Around 470 construction jobs will be created.
- sky lounges and roof terraces
- private dining rooms
- gym and fitness centre
- co-working areas
- cinema rooms
New shops and cafes will also be installed among green spaces and public realm.
- Ryder Architecture
Sisk also delivered The Mercian on Broad Street in the city for Moda, a residential and co-working tower.
During this time, Moda and Sisk established a Skills Hub with the West Midlands Combined Authority (WMCA) to boost local employment and training opportunities.
This initiative will continue alongside work at Great Charles Street, which it is estimated will add £92 million GVA to the West Midlands.
It is understood the Ludgate Hill car park site on Great Charles Street has been “left undeveloped for more than 70 years”.
Great Charles Street is due to open in 2025.
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