Birmingham Properties Group appointed to develop Bedford residential tower
Date: 23rd March 2010
Birmingham Properties Group (BPG) has been appointed to develop The Heights residential development in Bedford town centre. The half completed construction site comprises 109 apartments and has been on hold since April 2009, whilst administrators and subsequently receivers were put in place.
The original developer Time & Tide Bedford Ltd pre-sold 51 of the apartments to Genesis Housing Association. Once the construction programme is well underway and there is product to view, BPG will re-launch the 58 open market units, a number of which are under offer or exchanged and awaiting completion of the construction and fit-out programme. The value of the 58 open market properties is circa £8 million.
The development is located on St Johns Street, situated between Bedford St Johns train station and the River Ouse. The project represents a significant regeneration opportunity, as it is bringing about the transformation of a former BT office building, originally constructed in the 1970’s.
John Tebbutt, managing director of BPG Ltd comments: “We are very excited about being appointed to complete The Heights development, as it represents the opportunity to recycle a previously un-loved 1970’s office building. At 13 storeys, the building stands proud on the Bedford skyline. On completion, we will have transformed an out-dated eyesore into a striking contemporary landmark.
“Taking over the development process for a half completed scheme always presents a fresh challenge, however, our track record for recoveries projects has gained the respect of funding institutions and the wider development industry. We apply a creative approach to ensure the value of each project is fully maximised.
“While Bedford only has a population of circa 80,000, it has a highly skilled workforce and many young professionals chose to live in the town in order to commute to Milton Keynes or London. Bedford offers a very good quality of life and once we re-launch the 58 open market apartments, we are confident that a wide range of buyers will snap up the chance to live in such a well located development, which will offer very good value for money when compared to the nearby cities.”
The structure of the 13 storey former office building is being retained, but the internal structure of the building is being completely redeveloped to accommodate the contemporary apartments. The majority of the apartments at The Heights have the benefit of a secure surface car parking space.
BPG is underway with the process to select and appoint a main contractor to complete the construction programme. Once construction recommences, it is anticipated that the development will be build complete within nine months.
Birmingham Properties Group has been established for over 30 years and has a development and investment portfolio totalling circa £40 million. BPG’s other major current recoveries project includes Harborne Central, situated in the heart of an affluent suburb two miles west of Birmingham city centre. The mixed-use development is currently under construction with the 80 residential units selling ahead of projected targets. The scheme has a gross development value in excess of £16 million.
The LPA receiver for The Heights is Edward Symmons.