Rockspring Property Investment Managers on behalf of TransEuropean VI has acquired a private rental sector development site on Pershore Street, in Birmingham city centre with its joint venture partner Atlas Residential for a total development cost of £50m from Hallmark BY Development.

The scheme, which is known as The Beacon, is already under construction and the building will total 174,000 sq ft over 11 floors, providing 334 modern apartments for rent and comprises five studios, 262 one-bedroom and 67 two bedroom apartments, as well as amenities catering for residents including underground car parking, a gym and landscaped gardens.    

Hugh Elrington, Rockspring Partner and Head of UK Transactions
said: "This is an exciting time for Birmingham where we see a lot of potential emanating from socio-economic trends in the UK, with a number of high profile companies across a range of sectors, including the professional and financial services sectors, moving significant parts of their operations there."

It will be located adjacent to Birmingham City Council's major Smithfield regeneration project, a short walk from the Bullring shopping and leisure centre and a ten minute walk to both Birmingham New Street station and Grand Central.
It is due for completion in early 2018.