Situated in the heart of Solihull town centre on 1-3 High Street and 53-55 Poplar Road, the 1970’s building comprises three storeys and a basement. There is 2,000 sq ft of prime retail space and 5,000 sq ft of office space, all of which is virtually fully let. Anchor tenants are HBOS (now part of the Lloyds Banking Group) and Cunningtons Solicitors.  Dawsons, a well established independent jewellers also occupy one of the three ground floor retail units.

Barry Jenkinson, Director of Finance of Birmingham Properties Group, who advised BPG Investments Ltd on the acquisition comments: “BPG Investments Ltd has an established track record of investing in Solihull, so this new acquisition sits very comfortably within the portfolio. The portfolio is geared towards long term investments with attractive asset management opportunities and while the yield for Northampton House provides a good initial rate of return, we will be undertaking a full refurbishment to further enhance the property and its income stream. 

“We are working with BPG Investments Ltd to seek out further opportunities across all asset classes, as the fund is keen to continue to expand its portfolio.” 

Franck-Steier Price LLP acquired Northampton House on behalf of BPG Investments Ltd.

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. 

Only one apartment remains for sale in the first phase of 20 luxury apartments, priced at £170,000. The two-bedroom apartment is available for immediate occupation, indeed a number of purchasers have already moved in over the past few weeks. Meanwhile, there is much interest already building in the second phase, which will include a selection of 12 one and two-bedroom apartments.

Harborne Central is located on Harborne High Street, in the heart of the sought after village, which lies two miles west of Birmingham city centre. The prime development comprises 64 apartments and penthouses and 16 contemporary townhouses. All apartments at Harborne Central benefit from at least one parking space, with a number of larger two bedroom apartments and penthouses having two allocated spaces in the secure underground car park.

John Tebbutt, managing director of Birmingham Properties Group Limited comments: “We have consistently kept ahead of our sales targets since launching Harborne Central in October, which is testament to the quality and popularity of the scheme. While the specification and design of the apartments is first rate, the prices are very realistic and affordable, so naturally they are selling well.

 “Most of our buyers to date are young professionals who want to reap all the benefits of living in the heart of Harborne. Our sales team regularly hear first time buyers commenting that they wouldn’t be able to afford to buy a suitable property right in the heart of the village if it wasn’t for Harborne Central. A number of our purchasers have previously rented in Harborne and are taking the opportunity to make the first steps onto the property ladder.”

The array of quality bars, restaurants and shops in Harborne village, along with the close proximity to Birmingham city centre, ensures Harborne is one of the most popular places to live in the West Midlands.

John Tebbutt adds: “One of our major selling points is the generous amount of underground parking. Harborne is a dense Victorian village with little off street parking, so there is always high demand for on street parking. However, Harborne Central’s generous parking allocation, with all homes having at least one space in the underground car park, offers a hassle free, secure parking solution for residents.”                                                                                                                                      

Harborne Central’s two distinctively shaped buildings accommodate a selection of individually designed one and two bedroom apartments, a number of which feature full or Juliet balconies. The three spectacular penthouses each have their own terraces and views of leafy Harborne and beyond.

Specification features include custom designed kitchens with built-in appliances, luxury bathrooms with white designer sanitary ware and fitted wardrobes to all bedrooms. Security features include audio entry phones, NACOSS approved security alarms and allocated parking within the basement, secured by a remotely operated gate. Residents also benefit from professionally designed, landscaped external  courtyards.

For more information, visit the Harborne Central show home and marketing suite on Harborne High Street,  open Thursday to Monday  10am – 5pm. Tel 0121 427 7022, email salesteam@harborne-central.co.uk. Evening viewings can be arranged on Thursdays by appointment.

Page 28 Birmingham Post, Property News

Comprising 64 apartments and penthouses and 16 contemporary townhouses, the construction of the landmark purpose-designed scheme is well under way, ensuring that a number of apartments in the first release will be available for occupation in October 2009. Within days of prices being announced, 70 per cent of the first release had already been matched with buyers.

Prices for the first release, which comprises one and two bedroom apartments, start from £130,000 for one bedroom apartments, while two bedroom apartments start from £165,000. All apartments at Harborne Central benefit from at least one parking space, with a number of larger two bedroom apartments and some townhouses having two allocated spaces in the secure underground car park.

A fully furnished show home and marketing suite is now open from 10am – 5pm Thursday to Monday located on High Street, Harborne.

John Tebbutt, managing director of Birmingham Properties Group Limited comments: “We have been working up to the launch of Harborne Central all year and are delighted with the result. Thanks to the array of quality bars, restaurants and shops, along with the close proximity to Birmingham city centre, Harborne is one of the most popular places to live in the whole of the West Midlands. However, the opportunity to live in a luxury new home is few and far between, especially right in the heart of the village.

“Harborne Central is filling a real gap in the market, providing luxury apartments and townhouses with a generous car parking allocation right in the heart of Harborne High Street. Even with the current challenges of the residential property market, with prices from £130,000, this development is enabling a whole range of buyers to tick all the boxes in their search for a new home and enjoy the benefits of living in a prime setting in this sought after suburb.”

Harborne Central’s two distinctively shaped buildings accommodate a selection of individually designed one and two bedroom apartments, a number of which feature full or Juliet balconies. The three spectacular penthouses each have their own terraces and views of leafy Harborne and beyond.

In addition to the choice of apartments and penthouses, Harborne Central offers 16 two and three bedroom townhouses, which will be released to the market from April 2010. Accessed directly off Greenfield Road, the townhouses at Harborne Central offer more traditional living space. Situated in the heart of Harborne Village, the development has been designed and constructed to the highest standards, blending sympathetically with the period architecture that Harborne is renowned for.

Specification features of both the apartments and townhouses include custom designed kitchens with built-in appliances, luxury bathrooms with white designer sanitary ware, fitted wardrobes in master bedrooms and most second bedrooms and Amtico flooring to kitchens, bathrooms, and en-suites. Security features include audio entry phones, NACOSS approved security alarms and allocated parking within the basement, secured by a remotely operated gate. Additional benefits of living at Harborne Central include lift access to all floors and professionally designed, landscaped external  courtyards for the communal use of all residents.

Long established as the address of choice for discerning professionals, the cosmopolitan village of Harborne is buzzing with a vibrant mix of shopping, eating and drinking venues. Michelin starred restaurant Turner’s, along with Henry Wongs, Cafe Rouge, Mai Thai, Zizzi and Buonissimo are among the wealth of quality restaurants catering for every palette.

The block comprises 5 modern well configured retail units let to Dorothy Perkins, Superdrug, Bodycare, WH Smith and Boots Opticians. The asset will be managed by Birmingham Properties Group the UK advisors to Nantes Properties Ltd. John Tebbutt of BPG comments, “if you are buying the best pitch and configuration of units in any town, risk of void will be minimised and we are of the view that the boxes are ticked in this respect. We are continuing to invest and develop in the Midlands through our own vehicles or on behalf of external investors and despite the recession, great opportunities still arise”.

Andrew Franck-Steier of Franck-Steier Price who represented Nantes Properties Ltd in the transaction comments “This property is generally considered to be the best and most prime block of retail in Kings Heath and at a yield of circa 8.17%, this represents good value in the current market”.

This is a very positive note for a major Birmingham suburb that has experienced negative press over recent months. With high profile collapses of businesses such as Woolworths and Adams, Kings Heath is no different from any other high street in seeing an increase in the number of vacant shops coming to the market. Despite this, companies are seeing the opportunities that the current market provides and are on the expansion trail.

Poundland have recently moved into half of the Woolworths store further up the High Street and Orange have recently opened within the subject block. Within the prime pitch of Kings Heath there are very few void units.

An element of the landmark, high profile scheme will be redesigned and submitted to Birmingham City Council for planning consent in order to create 17 townhouses along the Greenfield Road elevation. This design alteration will reduce the number of apartments to 67, ensuring the scheme is sensitive to the Victorian townhouses surrounding the site, whilst also widening the appeal of the development.

The scheme will be rebranded and re-launched to the market in mid 2009, with the construction contract anticipated to conclude in mid 2010.

John Tebbutt, managing director of BPG Limited comments: “It was a very sad moment for the whole of the West Midlands property market when Chase Homes and its Harborne Apartments subsidiary went into administration this summer. By far the largest of Chase’s live development sites was Axis on Harborne High Street. Situated in the middle of what could easily be regarded as Birmingham’s best suburban high street, it was crucial that the half completed construction site was rescued as soon as possible.

“Our decision to develop the site was not taken lightly as there is nothing more complex than inheriting a large half finished construction site, however, the potential of the scheme is clear. Whilst we are in no doubt that the residential market will continue to be challenging throughout 2009, Harborne is a highly sought after suburban village. With its prominent professional, media and medical community, we are confident that demand for this scheme will be at a healthy level when it is ready to be re-launched next year.”

BPG reports that it will continue to employ the services of Axis’ site manager, who has overseen the entire construction process since work commenced on site in autumn 2006.

The development site is designed in two distinctive blocks, each creating its own communal courtyard space. The extensive basement has 130 parking spaces, allowing for almost two spaces per dwelling if BPG’s plans to create 17 townhouses in place of 27 apartments are passed by the City’s planning committee. With virtually no new build competition in the vicinity, the highly generous parking allocation is considered to be a strong unique selling point in contrast to the vast majority of Harborne’s Victorian townhouses, which have no parking.

The Axis development site is bounded by Harborne High Street, Greenfield Road and Vivian Road. The site was previously occupied by a car dealership.

Established for over 30 years, BPG’s last major acquisition was 1 St Paul’s Square in the Jewellery Quarter, which was acquired in March 2008. The 14,000 sq ft mixed use building is one of the most prominent buildings on the Square, with The Jam House occupying the majority of the space. Three floors of offices are situated at the top and right hand side of the building, with occupiers including a Project Management firm and BPG themselves.