438 homes coming to central Birmingham
Belgrave Village has become one of Birmingham’s fastest selling residential schemes, with 115 sales being secured by Wavensmere Homes in one day. The 12-acre regeneration site was previously Joseph Chamberlain Sixth Form College and Birmingham Sports Centre, but had lain derelict for 20 years. On completion, the development will comprise 438 houses and apartments.
The reservations were taken on the launch day for the £103m landmark scheme, which is accessed off Belgrave Middleway (A4540), just outside the city’s Low Emission Zone. All 115 individual buyers have now exchanged contracts, with the total number of sales to date reflecting a GDV of £38.5m. The first homes will be available for occupation later this year.
Apartments that are on the market at Belgrave Village for £210,000 have a projected rental income of up to £1,100pcm, representing a yield of 6.3%. Air source heat pumps, natural ventilation, low energy appliances, and EV car charging points, will enable occupiers to lower their carbon footprint and household bills.
James Dickens, Managing Director at Wavensmere Homes, said: “The appetite for investors to buy property in Birmingham is more resilient than ever. With mandatory housing targets recently scrapped, there is a scarcity of new homes coming onto the market and the opportunities to invest in an energy efficient apartment or house are limited. Meanwhile, the rocketing demand for city living has seen rental values rise to unprecedented levels.
“The rental yield predictions for Belgrave Village are on a par with stock market returns and yet the risk profile could not be more different. As Birmingham is the second city within the sixth-largest national economy of the world, the lucrative returns – and financial security of investing in bricks and mortar – are attracting high net worth individuals from as far a field as Shanghai.
“Birmingham is so much bigger than any one company, industry, sector, landmark, event, or headline. The city has a population of 1.15m and a thriving youthful workforce. Birmingham has never shone brighter than it did during the 2022 Commonwealth Games, but that spotlight hasn’t dimmed. The career opportunities, connectivity, and lifestyle benefits, continue to attract people to relocate here from across the UK and overseas.”
While the rents at Belgrave Village are on a par with the Jewellery Quarter and other parts of central Birmingham, the scheme’s position on the outskirts of the Low Emissions zone affords the luxury of 12 acres of linear parks, open spaces, and a good allocation of parking. All 174 two-, three- and four-bedroom houses at the scheme are sold with a parking space, while purchasers have the opportunity to buy parking with the 238 one- and two-bedroom apartments.
All residents will also have access to a gym, co-working space, screening room, and concierge service. The privately owned development is free of investment management overheads, with a low service charge for the communal amenities shared across the 438 homes. The design of Belgrave Village and mix of apartment and house types will enable occupiers to care for a small pet, which is a major draw for so many people.
For local journeys into the city’s business, shopping, and cultural quarters, cycling and E-scooters that are readily available for hire are the preferred methods of transport for most residents, although bus stops are positioned close to the new development. Moor Street station and New Street station are both around 1.5 miles away, offering frequent services across the UK rail network. Trains from New Street to London Euston take 63 minutes. The A4540 leads to the Aston Expressway (A38M) and provides easy access to the national motorway network.
James Dickens added: “Following the demise of Help to Buy, would be first time buyers are renting for longer. The rental market across the city is strong, but as the cost of leasing an apartment in Birmingham is a fraction of the comparable cost in London and the South East, there is a distinct flight to quality.
“Premium schemes with a strong eco and community focus that have been constructed to post-Grenfell Tower Building Regulations are attracting the savviest tenants. The offering that we have fine-tuned at Belgrave Village will help buy to let purchasers secure residents who want to make a medium to long-term commitment to live in a high-quality place they can call home.”
To facilitate off-plan sales, Wavensmere Homes has invested in virtual reality headsets, a fly through video and 360-degree touchscreen, to give prospective purchasers the opportunity to get a real feel for the environment they will be living in. The touchscreen also has a sun path analysis function, enabling buyers to see the amount of sunshine their new home will benefit from all year round.
Wavensmere Homes is delivering Belgrave Village in partnership with Galliard Homes and Apsley House Capital. Headquartered in Edgbaston, Birmingham, the rapidly growing housebuilder has close to 2,000 properties in production, or in planning.