Work on what will be Birmingham’s tallest building will start this month after a £200 million funding deal was agreed this week.
Developer Court Collaboration has struck a partnership with Pension Insurance Corporation to deliver the One Eastside scheme.
At 160m (525ft), the larger of the two towers would surpass the BT Tower in the Jewellery Quarter as Birmingham’s current tallest structure.
The project will be constructed at the corner of Jennens Road and James Watt Queensway and comprise two buildings of 16 and 51 storeys respectively and a third pavilion building.
They will contain 667 apartments to rent, residential gardens and courtyards, a gym, cinema, and sky lounge on the 51st floor.
It is the first scheme by a new joint venture of Court Collaboration and the family office of West Midlands developer Sir Tony Gallagher.
Construction is due to take around four years to complete.
Court Collaboration founder and chief executive, Anthony McCourt, said: “This £200 million investment by Pension Insurance Corporation confirms that confidence in the build-to-rent sector continues to grow in Birmingham.
“This deal is another huge vote of confidence both in us and Birmingham which is riding high on the back of the ‘Be Bold’ achievement of the Commonwealth Games. Birmingham moving forward can’t and won’t be stopped and the project team deserve real credit.
“They have realised this ambition and Court Collaboration hopes this is the start of a wave of skyscrapers living in our brilliant city.”
Pension Insurance Corporation is a London-based specialist insurer of defined benefit pension funds.
Head of build to rent, Delphine Deasy, added: “We are a significant and purposeful investor in the UK’s infrastructure and housing and I am delighted that we have now acquired our fourth build-to-rent project.
“The development will have a positive effect on the local economy, including creating hundreds of new job opportunities and supporting the training of local students.
“At the same time, it will provide long-term, secure cash flows back to our policyholders’ pension payments in the decades ahead.”
Advisers on the deal were Addleshaw Goddard, CBRE, HAALO, Pinsent Masons, Savills and WSP.
Image: CGI of One Eastside in Birmingham
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