Europa Capital has entered the Birmingham market with the acquisition, through a forward funding agreement, of Crown Works, a new 203-apartment build-to-rent (BTR) development adjacent to the city’s central business district.
Europa Capital has made the acquisition on behalf of its value-add fund, Europa Fund VI. The purchase price was not disclosed. The seven-storey Crown Works building has been designed to a high specification, comprising a mix of one, two and three-bedroom apartments across c. 138,000sq ft of space, with circa 5,900sq ft of flexible amenity, including a gym, co-working space, private dining and concierge services.
There is also a private residents’ roof terrace giving panoramic views of Birmingham’s skyline as well as private roof terraces for three duplex penthouse apartments, in addition to two ground floor retail units totalling 3,700sq ft. The apartments, which are expected to achieve an EPC rating of B, will also benefit from access to green energy through the installation of circa 2,400sq ft of rooftop solar PV panels. The commercial units are expected to receive a BREEAM Excellent rating. Situated on Hanley Street, just 400m from Birmingham Snow Hill train station, Crown Works is in an excellent position, within walking distance of Birmingham’s growing CBD and entertainment district, which has seen the recent development of Grade A offices, homes and improved public spaces. Construction is expected to start imminently, with practical completion of the development due to be reached in Q1 2024.
Hugo Black, Partner at Europa Capital, commented: “The lack of supply of high-quality rental accommodation remains a UK-wide problem, with ongoing buy-to-let mortgage redemptions continuing to exceed build to rent completions. This is our first foray into the Birmingham market, which, as the UK’s second-largest city and with a burgeoning young population – thanks largely to being home to one of the country’s leading universities – is an attractive location for this type of residential product. A number of blue-chip companies have also chosen Birmingham as their regional hub, reflecting the role the city has to play in the levelling up agenda.”
