PRIORY HOUSE BENEFITTING FROM RETURNING SURGE IN CITY LIVING


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Investors and first time buyers are targeting the redevelopment of Priory House in Birmingham as the city experiences a continuing return to the office with staff and their employers growing more confident.


The former Forensic Science Building in the Southside District has just been approved for Help to Buy (HTB) and with prices for a one bedroom apartment from £180,000 the development sits well within the regional HTB limit of £255,600.


David Hofton, Elevate’s sales and marketing director, said the conversion of the iconic building into 79 loft-style apartments is now well underway with completion scheduled for July this year.


“We are seeing a very strong New Year upturn in interest as more staff return to the office and the city is becoming more lively by the day.


“Priory House is situated in Birmingham’s cultural heartland, and the Southside District embraces Chinatown, theatreland and the LGBTQ Quarter – providing an area as welcoming and individual as its residents.


“Southside is currently being transformed into the new ‘front door’ of Birmingham’s city centre by the £8.7 million Enterprise Zone Investment Plan, and with Priory House our vision has been to create a new address at the iconic epicentre of this emerging hotspot.”


And with Birmingham rated as the city where property prices will rise at the fastest rate in the UK, interest rates still very low and very little new housing stock, developments such as Priory House are proving to be very much in demand.


A report by property consultancy JLL anticipates that home values in the West Midlands as a whole will rise by 6% in 2022, and an average of 4.9% every year into 2026.


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Couple this with the relocation of organisations such as HMRC which are expected to create 6,300 high-earning jobs, the Commonwealth Games this year and the HS2 rail link going live before the end of the decade and Birmingham is seen as well placed for continued economic growth. Mr Hofton added: “We are also seeing a strong demand for central postcodes in the rental market with Zoopla forecasting that UK rents will rise by 4.5% by the end of 2022.


“And, due to the lower number of new starts in the past two years in Birmingham, there is a growing shortage of rental stock which is also driving the market.”


Prices at Priory House range from £180,000 for a one bedroom apartment to £625,000 for the penthouse apartment. Already 15 apartments have been reserved off-plan and Elevate expect this to accelerate as the market leading build quality becomes apparent.


Addressing the current major concerns in the apartment market, Priory House comes with a 250 year lease and with no external cladding is expected to be offered with an ‘A’ grade EWS1 rating.


THE MIDLANDS PROPERT Y GUIDE E L E VAT E PROPER T Y GROUP


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