Spitfire Partners with IM Properties on major new scheme
Spitfire Properties funded by partner IM Properties (IMP) has acquired a prime new development site in Newhall Street from Birmingham City Council.
The £45 million deal will see Spitfire deliver up to 230 one, two and three bedroom apartments across eight floors, with a retail element on the ground floor and a significant investment to the public realm.
Both Spitfire and Birmingham City Council see the Newhall Street scheme as an opportunity to add a new dimension to the Jewellery quarter and link towards the business district.
The refurbishment of Whitmore Arms and the development of a new square will create a sustainable new environment where people will want to socialise.
Spitfire’s senior management team are no strangers to the city living scene, having been involved in major projects over the years with Crosby Lendlease, Cala and Banner Homes
Working jointly with funding partners, IMP, Spitfire brings to the table considerable financial backing and vision from one of the UK’s leading property companies.
IMP is involved in some of the Midlands largest schemes including 55 Colmore Row, Blythe Valley Business Park, Mell Square Shopping Centre and The Hub, home to the new Wholesale Markets.
Jon Richards, land director at Spitfire said with the levels of investment currently enjoyed in Birmingham, they were confident now was the right time to launch a form of the Spitfire product in the city centre.
“Like IM Properties, we are all about seeking out the right opportunities and unlike many housebuilders we’re not answerable to shareholders and can move quickly to respond to the market.
“Birmingham is a city on the up and attracting a lot of positive attention as a place to do business and to live. We feel our upmarket, high quality living accommodation will be well received.”
Spitfire is expected to start on site in 2017, with a view to the first apartments being delivered in 2018.
Councillor John Clancy, Leader of Birmingham City Council, said:
“We need to build 90,000 new homes in the next 15 years across Birmingham and city living will have a big part to play as we strive to meet that target.
“So I welcome the Spitfire Properties investment in the Jewellery Quarter and look forward to seeing the scheme come to fruition.”