13 August 2018
Elevate Property Group, the Birmingham-based independent home builder, has acquired the Princes Gate office development in the centre of Solihull in a plan to create 100 new homes.
The well known site on Homer Road consists of three office buildings arranged around a central courtyard, which will be converted into 100 studio, one and two bedroom apartments. Elevate will also consider plans for further residential development on the site of the adjacent and redundant multi-storey car park.
This is a major acquisition for us and gives us a prestigious site close to Solihull town centre, train station, the NEC and Birmingham International Airport. The funding from Shawbrook, with the support of both the regional office here in Birmingham and the Development Finance team, was structured to give us complete confidence to acquire the site and to fully commit to the project as we first envisioned it.
With 5 universities within a 10 mile radius, large established employers and almost 8,000 businesses in the area, the development will provide an exciting opportunity for young professionals, commuters and first time buyers to own a home in a great location.
Well established in the region, Elevate and joint venture partner Investin plc have completed a number of projects over the last 12 months, including developments in Coventry, Nottingham, Derby and Ashford. The management team have been in discussion with Shawbrook for some time, and they proved to be the right partner for this project.