A rapidly expanding North East development operation has reached key milestones for two more of its ambitious UK projects.
High Street Residential – part of Newcastle based The High Street Group of Companies – has started construction of an apartment complex in Salford and acquired a site in Birmingham for a similar scheme.
Work on the £26 million Middlewood Plaza, in Salford began with the demolition of old semi industrial buildings on the site in Liverpool Street. Part of an ambitious regeneration initiative, the development will provide 126 high quality modern homes for private rent.
Meanwhile the business has also bought a Birmingham City Centre site as part of a £50 million deal to create 220 contemporary apartments. Located in Digbeth, the plot, which sits on the corner of Alcester Street and Moseley Street, is within the city’s Southern Gateway £1 billion regeneration zone.
This project will be delivered in partnership with West Midlands developer, Taylor Grange Developments.
These initiatives are just two of a string of such ventures planned by High Street Residential. In total it is proposing a £1 billion investment in around 3,000 apartments for private rent.
As well as Salford, two other sites are already under construction – one in Newcastle, where the £46 million, 27 storey Hadrian’s Tower will become the city’s tallest building and provide 162 apartments.
Another is in Milton Keynes, where a £30 million investment is creating a seven storey facility containing 139 apartments. Grainger plc, the UK’s largest listed residential landlord has unconditionally agreed to forward fund and acquire this development.
High Street Group Chairman Gary Forrest commented: “As lifestyles change, young professionals seek the flexibility of renting a home, in order to remain mobile in the higher end jobs market. As a result, almost 19% of the UK population is now renting privately and this figure is expected to grow significantly.
“In response, we are creating high quality living spaces, future proofed through the use of the latest SMART technologies. There will be communal relaxation facilities, where people can meet, form friendships and build new communities.
“Our developments offer extremely attractive investment opportunities for institutional and individual investors who can enjoy yields and capital growth in excess of seven per cent per annum. These are non-volatile, high quality assets offering attractive, long term returns, which we can maximise for our partners.”
With its headquarters in Cuthbert House, Newcastle, The High Street Group of Companies was established by Gary Forrest in 2006. It has grown to become a leading financial and property group employing over 100 people in activities including large scale property development and construction, hospitality and leisure.