The Gilder’s Yard project has been designed by Jewellery Quarter-based BPN Architects on behalf of developer Blackswan Property.
The West Midlands contractor got the green light to start the project this morning when private residential landlord Grainger announced plans to forward fund and acquire the project once finished.
The vacant site fronts onto Great Hampton Street and neighbouring Harford Street.
Grainger said it expected the investment to generate a gross yield on cost over 7% once stabilised.
Birmingham is a key target city for Grainger’s PRS investment strategy due to its strong economic prospects and growth potential, and builds on Grainger’s existing local management platform.
Helen Gordon, Chief Executive of Grainger, said: “We are pleased today to announce our latest investment in one of our key target locations, Birmingham, which will deliver 156 new high quality, purpose built rental homes, building on our existing portfolio in and around the area and leveraging off our operational platform.”