Elevate launches first PRS venture with 52 apartments in Cliveland Street
Elevate Property Group has welcomed planning approval for its eighth Birmingham scheme, 52 apartments in Cliveland Street, and announced its entry into the private rented sector (PRS).
Councillors voted unanimously to approve the development at Birmingham City Council’s planning meeting on Thursday (8 November).
The 52 apartments will include 30 two bedroomed and 22 one bedroom apartments.
Managing director Steve Dodd said Elevate had secured a significant amount of investment funding to enable it to build up its own PRS portfolio.
“Cliveland Street will be the first of such projects and we have plans to build more across the UK. This strategy of build to rent sits nicely alongside our expanding development business which has sites across the UK.”
Elevate’s latest project is located next to London and UK Property’s Globe Works student scheme of 520 units, which is nearing completion, and opposite Snow Hill Wharf currently being developed by Berkeley Homes on the other side of the canal.
Steve Dodd said: “This rundown area of the city in such close proximity to Snow Hill and the Jewellery Quarter will be transformed over the next few years and we are delighted to be in on the start of the renaissance of Cliveland Street.”
Elevate Property Group is already known for its quality developments in Birmingham, including Concord House, Queensway House, St Paul’s House and Honduras Wharf, unique developments of townhouses, apartments and penthouses.
Other developments in Birmingham close to completion or soon to be started include Tennant Street Lofts in West Side which will complete in November, Assay Lofts in the Jewellery Quarter which is already under construction, the newly-approved Cliveland Street development and a site in Camden Street.
The Cliveland Street development is part of an ongoing development programme in which Elevate has secured sites and has plans in preparation for another 250 new homes around the city.
Elevate Property Group currently has nationwide interests in 1,300 plots with a gross development value in excess of £330 million.