UK: BlueCastle Capital has acquired the former Marks & Spencer store on Birmingham High Street for a build-to-rent development.
The acquisition comes after M&S relocated into a new flagship store in The Bullring in November 2023. BlueCastle Capital, a developer and investment and asset manager, plans to demolish the building and replace it with the new scheme which could include up to 500 BTR units in a tower of up to 50 storeys.
The site is 80 metres from the future Curzon Street HS2 Station in Birmingham. BlueCastle said the site is a key anchor point between Birmingham’s central business district, the creative quarter of Digbeth and the emerging Smithfield development area.
Ed Williams, CEO of BlueCastle Capital, said: “This is a once-in-a-generation opportunity to create a landmark residential development at the heart of one of the UK’s fastest-growing cities. Our vision is to deliver an outstanding Build to Rent scheme that sets a new benchmark for quality, sustainability and urban living. Birmingham’s connectivity, culture and momentum make it a key city for our long-term strategy, and the site’s strategic location next to the HS2 terminus makes it a critical piece in the city’s regeneration puzzle.”
BlueCastle Capital’s acquisition forms part of its seed portfolio for a UK BTR fund. It has a pipeline of more than 1,500 BTR homes, which includes the Central Square scheme in Cardiff, The Forum scheme in Stevenage, and the Farm Road scheme in Sheffield.
Highlights:
• BlueCastle Capital has acquired the former Marks & Spencer store on Birmingham High Street
• The store will be demolished to make way for a BTR tower of up to 50 storeys with up to 500 units
• The site is 80 metres from the future Curzon Street HS2 Station
