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Real Estate Investors joins Latitude scheme in Birmingham
West Bromwich-based Real Estate Investors (REI) has acquired an ‘off plan’ unbroken retail parade from George Wimpey City for £2.25 million in Birmingham’s rapidly emerging Chinese Quarter.
Construction work is now underway on the Latitude scheme on the corner of Hurst Street and Bromsgrove Street, which is an eight storey, mixed-use development on a landlocked brownfield site made up of 189 designer apartments over seven floors and 12,000 sq ft of commercial retail space on the ground floor – aimed at attracting contemporary businesses to the area.
Richard Hays, commercial director for George Wimpey City, said: "We’re delighted to be continuing the expansion of this now proven target area – and it can only improve as more exclusive and aspirational properties are built. With unrivalled transport links, it is the perfect location for city professionals and it’s surprising that development of the Hurst Street area has taken this long to gather pace.
"Latitude will also make a striking contribution to Birmingham’s cityscape because the design manages to create an impression of apartments ‘floating’ above the more transparent ground floor commercial structure."
Paul Warder, senior assets manager for REI, said: "The development is due to complete mid 2009 and once it’s fully let, based on current market rates, we anticipate a yield of approximately ten per cent. "This off plan acquisition of the Latitude retail development presents a further opportunity for the company to create value – and we will leverage our market presence to fill the units in line with our investment strategy. The potential yield is attractive and this should further improve by completion."
Ian Tudor, director for commercial marketing agents Bigwood Chartered Surveyors, added: "The Chinese Quarter is already buzzing because of the huge investment levels, ongoing renovation and the established social scene – and the development is at the forefront of this part of Birmingham’s regeneration.
"Prospects are good because some of the best bars and clubs in the city are on Hurst Street, there’s the acclaimed Hippodrome, plus the fabulous restaurants and casinos of China town and the Arcadian – and New Street Station is just 550 yards, while the Bullring is on the doorstep too.
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