McAlpine go-ahead for Exchange Square plans
CONSTRUCTION group Sir Robert McAlpine has been appointed to kick off development of the Exchange Square residential project in Birmingham city centre.
The firm will lead the first phase of the project which is one of the final pieces of the long-running Masshouse regeneration near the Bullring shopping centre.
Planning consent is in place for 603 apartments, ranging from studios to three-bedroom units over three buildings of nine, 16 and 27 storeys respectively and the apartments will be available for private rental.
There will also be 30,000 sq ft of ground-floor leisure space, 182 basement car parking spaces and a members’ club-style hub which will have exclusive services for residents including a gym and roof garden.
LaSalle Investment Management has also completed the £100 million sale of the first phase, a deal which was first announced earlier this year.
A second phase is due to contain a further 223 apartments.
Exchange Square is the latest stage of the redevelopment of the land formerly occupied by the Masshouse Circus traffic island system. Residential blocks Hive, Masshouse and Lighthouse have already been completed.
It is hoped the proximity to the new HS2 terminal will increase the attractiveness of this part of Birmingham to investors and developers.
Nick Payne, managing director at developer Nikal which is behind the Masshouse project, said: “Sir Robert McAlpine is a trusted name in the construction sector and their appointment is a strong statement of our intent to deliver a truly first-class product to the market.
“Exchange Square’s location, close to the city’s existing commercial, retail and transport hubs, will only be enhanced through the delivery of other widely anticipated large-scale development, including Curzon and the HS2 terminus. Bold development of this kind is needed to continue Birmingham’s ongoing regeneration and success. We’re proud to be playing such a significant part in the city’s exciting future.”
The buildings were designed by Manchester-based Stephenson Studio and work on the first phase is due to begin imminently, with completion expected in stages during 2018 and 2019.
Simon Trevor, Midlands and North West regional manager at Sir Robert McAlpine, added: “Exchange Square is a significant development and we are relishing the challenges and opportunities inherent in the delivery of a scheme of this size and scope to add to our existing privaterented sector portfolio.”
Andrew Stanford, residential fund manager at LaSalle Investment Management, said: “Exchange Square is a unique concept for Birmingham and we are delighted to have completed our transaction with Nikal to bring forward this exciting opportunity.”