An exciting new £70 million development which will create more than 400 homes in the heart of Coventry has been unveiled by Barberry Group.
The long-established property developers announced that the first build-to-rent scheme in the West Midlands is being brought to market in Coventry as interest in the private rented sector (PRS) builds in cities across the UK.
Worcestershire-based Barberry Group has instructed leading property agents CBRE to seek a £70 million forward funding partner for a 404-unit PRS scheme at its Bishop Gate site in the city centre.
The scheme – known as CV1 Bishop Gate – could set a benchmark for build-to-rent schemes outside London. Coventry is primed to become a PRS hotspot because of its booming population of young professionals.
The Office of National Statistics (ONS) predicts 10-year population growth in the 20-34 age group of 36%. This compares with 11% for Birmingham and 1% for Manchester. A shift in lifestyle choices and a return to city centre living are driving factors behind this dynamic, growing sector.
Bishop Gate is on the site of the former Royal Mail sorting office, which Barberry bought in 2011. Barberry initially planned a retail-led scheme with a superstore. It failed to attract a major supermarket operator due to major changes in the retail market following the credit crunch.
The new Bishop Gate proposals include a 40-60 split of one and two-bedroom apartments that are tailored to the demands of the local rental market, as well as complementary retail and leisure facilities on the ground floor. The original sorting office building would be demolished to make way for the scheme, which would include around one acre of private landscaped gardens on an elevated podium.
PRS schemes call for a change in design philosophy; there is greater emphasis on providing a lifestyle, with a focus on convenience. This lends greater importance to front of house and shared residents’ facilities.
The scheme – designed by London-based award-winning architects Assael – has been given written support by Coventry City Council.
Barberry director Henry Bellfield said: “We are very excited at the prospect of bringing the region’s first major private rented sector development to Coventry. The professional team working on this project are all market-leading, the scheme is designed specifically for the rental market with services tailored to meet the needs of increasingly knowledgeable tenants.”
He added: “We are confident that we can attract a major investment partner and once an agreement is in place we could be on site within 12 months.
“The apartments and facilities will be very high quality. Each apartment will have floor to ceiling windows with fantastic views of the city, and they will be more spacious than typical private apartments as they are being built with the rental market in mind. Each bedroom will be of equal size, have en-suite facilities and a walk-through wardrobe.
“The development is satisfying the shift in preference towards city centre living which is attracted to the social and leisure amenities of town centres. Like all developers, you sometimes have to look at the alternatives. At the moment we feel residential, and particularly PRS, is something that produces a far more exciting scheme.”
Councillor Kevin Maton, cabinet member for business, enterprise and employment, said: “This plan to create new apartments at Bishop Gate fits perfectly with our plans for the city centre as a whole.
“Our city centre needs more residents – people bring life and vitality during the day but critically into the evening too. They will spend in the shops and use the leisure facilities so this plan is the perfect fit with our ambition for City Centre South and the new business district at Friargate.”
For more information visit www.cv1bishopgatecoventry.com or contact CBRE agents Ian Blake 020 7182 2739, email ian.blake@cbre.com, or Adrian Willet on 0121 627 5590, email adrian.willet@cbre.com.