BlueCastle Capital has acquired the former Marks & Spencer store in Birmingham city centre for a residential-led development for an undisclosed price.
BlueCastle is progressing plans for a build-to-rent development at 42 High Street, which was acquired from the retailer following its move to a flagship store in The Bullring.
The development, which will also provide modern amenities, will form part of BlueCastle’s seed portfolio for its UK build-to-rent fund.
Ed Williams, CEO of BlueCastle Capital, said: “This is a once-in-a-generation opportunity to create a landmark residential development at the heart of one of the UK’s fastest-growing cities. Our vision is to deliver an outstanding build-to-rent scheme that sets a new benchmark for quality, sustainability and urban living.
“Birmingham’s connectivity, culture and momentum make it a key city for our long-term strategy, and the site’s strategic location next to the HS2 terminus makes it a critical piece in the city’s regeneration puzzle.”
