Developer Nikal has secured planning consent for the second phase of its landmark Exchange Square development in Birmingham.
Birmingham City Council has consented the delivery of 223 apartments and a new public square that will form the heart of the development.
Extending to 7 and 14 stories of residential accommodation, the new buildings will feature a combination of studio, one, two and three bedroom apartments, designed by renowned architectural practice, Stephenson Studio.
The development will also deliver an additional 86 car parking spaces and 24 secure cycle spaces, along with 22,571 sq ft of space suitable for commercial use on the ground and lower-ground floors.
The south facing square will form the centrepiece of the development, with a mix of both hard and soft landscaping flanked by restaurants, bars, cafés and access to the existing McLaren office building. Permeability between Moor Street and Priory Queensway will be significantly improved ensuring renewed vitality and increased footfall to the area whilst reinforcing the connection between the city core and Eastside.
Nikal now has consent to deliver a total of 826 apartments on the site, following the approval last month of the first phase of the development incorporating three residential buildings and a 5,000 sq ft residents’ hub including a concierge and members’ club-style private lounge.
Exchange Square is situated between Birmingham’s traditional business and retail districts and the burgeoning Eastside area, which will be significantly boosted through a proposed program of regeneration, including the Curzon masterplan and delivery of the city’s HS2 terminus.
James Payne, Development Director at Nikal, said: “Exchange Square represents a significant boost to Birmingham’s available city centre housing stock and these proposals complement the plans that were recently approved for our first phase.
“Exchange Square will be the residential quarter of choice in Birmingham. In addition to the enviable location in the heart of the city, it is our vision and commitment to delivering a significant and exemplary public square that really sets this development apart. Surrounded by new leisure and retail space and the availability of on-site ancillary services to accompany the residential offer, we anticipate Exchange Square will generate significant interest, particularly for young professionals looking for accommodation in a rapidly evolving part of the city.”
The development’s first phase, which is being funded through a deal secured with LaSalle Investment Management in excess of £100 million, is due to begin in the summer, with the first block completed in 2018. Work is due to commence on the second phase in 2017.
Nikal has extensive experience in the Birmingham residential market, having already delivered over 340 units at Masshouse, with all 167 apartments at Hive – which was named Best UK High Rise Development at the 2011 UK Property Awards – purchased within two years of opening.
Knight Frank and Savills are joint sales agents on the scheme. Savills also advised on all planning matters.