UK: Macquarie Asset Management’s BTR arm Goodstone Living has acquired a site in Birmingham to deliver 500 BTR homes.
The £150 million scheme will be Goodstone’s first, and will feature the largest private garden in Birmingham.
Camp Hill Gardens will be developed on a four-acre plot in Digbeth, which was acquired from developer Eutopia Homes. The site has planning consent in March for a mix of residential and commercial uses.
The Darling Associates-designed scheme will include a gym, coworking areas, rooftop terraces, and commercial and retail space which will be offered at a 50 per cent discount to promote local businesses.
“Our strategy is focused on long-term value creation and this requires us to be able to identify significant regeneration opportunities where demographics and cultural shifts are occurring to transform areas in need of new housing,” said Goodstone principal Martin Bellinger.
“As the UK’s second-largest city by population, Birmingham benefits from a large and growing pool of potential residents demanding high-quality, purpose-built and professionally managed rental accommodation. This makes Birmingham the perfect place for our first development project, and we look forward to transforming Camp Hill Gardens into a vibrant residential community, while also celebrating Digbeth’s rich industrial heritage,” he added.
Scott Hammond, founder and chief executive at Eutopia, said: “We are delighted Goodstone Living has backed our vision for Digbeth, a key growth area within Birmingham. Goodstone’s vision will help forge an exciting new community that offers a different type of rental proposition for a fast-growing, young market. While we have seen significant investment in the area since we acquired the site in 2018 with Chenavari Investment Managers, we believe that the future regeneration prospects for Digbeth are second to none – a passion shared by the Goodstone team.”
