Altrincham based developer secures sale of 603 apartments in Birmingham next to proposed HS2 terminal

Called ‘Exchange Square’, Nikal will deliver 603 apartments across three blocks of 27, 16 and nine storeys in addition to 27,500 sq ft of ground floor retail and leisure and 186 car parking spaces.

The development will be procured through a deal worth in excess of £100m with LaSalle Investment Management who will acquire the long leasehold interest in the residential units for build to rent apartments on behalf of a client.

This is one of several recent planning achievements for the Market Street based business. In April Trafford Council approved plans for phase one of Altair, Altrincham’s new residential and leisure quarter, allowing work to commence this summer.

Nikal’s luxury homebuilder brand, Hillcrest Homes, also secured planning for developments in Goostrey and Poynton delivering a total of 17 new million pound detached homes.

Nikal has more than a decade of extensive experience in the Birmingham residential market having already delivered more than 340 units at it’s Masshouse development, with substantial off plan sales success.

Nick Payne, managing director at Nikal, said: “This is another exciting development for our business and an opportunity to further demonstrate our capabilities on a national stage.

"Exchange Square is a development of both regional and national importance due to its location within a major area of investment and regeneration right next door to the proposed HS2 terminal.

“We are delighted to be working with such an established and well respected investment manager. Now that planning consent has been secured we are in a position to bring forward the first phase of what we are sure will be an exemplar scheme for Birmingham’s residential market,” he adds.

Work is anticipated to begin on the site in the summer, with completion of the first block in 2018 and the final block before the end of 2019.