Elevate Property Group, the Birmingham-based independent homebuilder, has been revealed as the buyer of a major Solihull office development which will be converted into residential apartments.
Elevate, along with its joint venture partner Investin plc, has acquired Princes Gate on Homer Road which consists of Consort House, Royal House and Regent House in a deal for an undisclosed sum from New York-based global real estate investment management company Westbrook Partners.
Permitted development has already been secured and work will begin this Spring on the initial phase to convert the three office buildings into 100 apartments while Elevate also considers plans for further residential development on the site of the adjacent and redundant multi-storey car park.
Elevate Managing Director Steve Dodd said “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.”
Elevate has not announced full details of the scheme, but expects they will provide a mix of studios, one and two bedroom apartments, with a selection of additional penthouses on the top floors subject to planning.
Princes Gate is one of a number of deals that Elevate Property Group and Investin plc have completed in the last 12 months. Sites in other locations include Coventry, Nottingham, Derby and Ashford.