BLACK COUNTRY FIRM INVESTS IN CHINESE QUARTER!
3rd March 2008
Above: Handshakes all round – on the foundations of the commercial retail floor at Latitude are (left to right) Ian Tudor, Paul Warder and Richard Hays.
West Bromwich based property company Real Estate Investors plc (REI) has acquired an ‘off plan' unbroken retail parade from George Wimpey City for £2.25million in Birmingham's rapidly emerging Chinese Quarter!
Construction work is now underway on the pioneering Latitude scheme on the corner of Hurst/Bromsgrove Street, which is an eight storey, mixed use development on a land locked brownfield site made up of 189 designer apartments over seven floors and 12,000 sq.ft of commercial retail space (for 11 retail units) on the ground floor.
Richard Hays, commercial director for George Wimpey City, explains: "With unrivalled transport links, it is the perfect location for city professionals and it's surprising that development of the Hurst Street area has taken this long to gather pace. It's a solid investment because of location - and the fact they're at the forefront of this part of Birmingham's regeneration."
Paul Warder, senior assets manager for REI plc, says: "The development is due to complete mid 2009 and once it's fully let, based on current market rates, we anticipate a yield of approximately 10%. This off plan acquisition of the Latitude retail development presents a further opportunity for the company to create value - and we will leverage our market presence to fill the units in line with our investment strategy. The potential yield is very attractive and we think it will further improve by completion."
Ian Tudor, director for commercial marketing agents Bigwood Chartered Surveyors, adds: "Prospects are looking good, it's certainly an up-and-coming area and we're aiming to attract equally contemporary businesses to the thriving Chinese Quarter to further enhance its appeal."
Bigwood Chartered Surveyors are at 104/106 Colmore Row and can be contacted on 0121 237 4850. For residential information call selling agents Knight Frank on 0121 233 6437.