Muse has launched the search for a funding partner for the first phase of a town centre development project in Solihull.
The investor will work alongside Muse to deliver 346 build-to-rent apartments at Holbeche Place, which was formerly known as the Mell Square development.
The masterplan for the seven-hectare site includes up to 1,600 new homes and associated amenities, including shops, bars and restaurants and more than 50,000 sq ft of green space, to be delivered in six phases over the next 10 years.
Phase one will comprise four apartment blocks ranging from six to 13 storeys, with the on-site amenity provision including a tenant lounge, co-working space, communal courtyard and 60 parking spaces.
Lisa Turley, development director at Muse, said: “Solihull is already one of the West Midlands’ most successful town centres, and Holbeche Place will be central to its continued growth and vitality. We have worked in partnership with Solihull Council to deliver a consented masterplan that will bring new energy and activity into the town centre through new homes, shops, cafes, restaurants, and high quality public spaces.
“With detailed planning consent now secured for the first phase, Muse is committed to progressing delivery at pace. We are actively engaging with the market to identify partners who share our ambition and vision for Holbeche Place – and our belief in Solihull as one of the region’s most dynamic places.”
Hannah Badger, director in CBRE’s residential capital markets team, which has been appointed to find a funding partner for the development, added: “Solihull is one of the West Midlands’ most affluent towns and a highly sought after residential destination. Tenants benefit from the abundance of amenity right on their doorstep in addition to the unrivalled connectivity into Birmingham. To date there has been a fundamental undersupply of rental stock in the town centre to accommodate this strong demand.”
