The growth of private rental scheme (PRS) developments outside London is continuing at a growing pace, with the acquisition of a site in the centre of Birmingham by the High Street Group of Companies.
It has just completed the £120 million acquisition of a site in the heart of Birmingham, where it plans to build 500 one, two and three-bedroom apartments.
Located near the Mailbox development on the west side of the city centre, the site is centrally located within short walking distance of New Street station, with the future HS2 hub at Curzon street also within easy walking distance.
The Midland Metro tram system is also easily accessed, a situation that will be enhanced further when the lines running through the city centre are extended westward out towards Edgbaston.
Group chairman Gary Forrest commented: "Birmingham is a dynamic city currently undergoing significant regeneration and therefore it represents a great place to invest. Almost 17 per cent of the UK population is renting privately and this figure is expected to grow significantly.
"In response, we are creating high-quality living spaces in town and city centres, future proofed through the use of the latest SMART technologies."
For this reason, he noted, the company will be investing around £200 million in its projects around Britain for the foreseeable future.
Indeed, the company is already eyeing up two other Birmingham sites, all of which is happening at a time when a plethora of apartment developments are taking place in the city. Among the factors driving this is the growth of the city itself, its population is now likely to have surpassed the historic record 1.1 million recorded in the 1961 census.
The High Street Group, which is based in Newcastle, is already developing that city's tallest building, a tower featuring 162 PRS apartments. It also has extensive interests in the north west, the largest hotbed of PRS development outside London, with schemes in Salford and Trafford in Greater manchester and another in Warrington.