Birmingham’s specialist residential developer, Court Collaboration, has agreed a £200m Forward Funding partnership with Pension Insurance Corporation (PIC) to deliver the city’s exciting One Eastside scheme.
As a new inward investor into Birmingham, PIC, a specialist insurer of defined benefit pension funds, is collaborating on the largest economic residential deal in the city’s history, helping to deliver the Midlands’ first official skyscraper.
Approved in April 2021, One Eastside features a 51-storey skyscraper at over 154m tall, and the development will see 667 Build to Rent apartments built near to the new HS2 station on Curzon Street. The scheme comprises two buildings, with residential gardens and courtyard spaces, as well as a gym, cinema, and residents’ sky lounge on the 51st floor boasting incredible views across the city. It is the first scheme coming out of Court’s Joint Venture with Sir Tony Gallagher’s family office where he is funding all schemes.
A 46-month build programme is set to start on site early November and the contractor will be announced imminently.
One Eastside will create over 300 new jobs, with plans for the creation of a student academy. This is intended to provide opportunity for hundreds of local students, including work placements and on-site course opportunities and experience, with the aim of improving their future employment prospects.
Anthony McCourt, CEO of Court Collaboration, said: “This £200m investment by Pension Insurance Corporation confirms that confidence in the Build to Rent sector continues to grow in Birmingham. One Eastside will see Court Collaboration leading the way in the West Midlands Build to Rent market with this landmark development being the jewel in the crown of the city’s BTR offering. This deal is another huge vote of confidence both in Court and in the city of Birmingham, which is riding high on the back of the ‘Be Bold’ achievement of the Commonwealth Games, proving that an SME like Court Collaboration, ably helped by financial partners such as Sir Tony Gallagher, can take on big challenges and deliver. Birmingham moving forward can’t and won’t be stopped and the project team deserve real credit. They have realised this ambition and Court hopes this is the start of a wave of skyscraper living in our brilliant city.”
Alex Neale, MD of Court Collaboration, added: “As well as a huge inward investment win, One Eastside will provide a new benchmark for quality homes and offer residents the highest standards. Customer safety and sustainability is at the heart of what we do and we can’t wait to start on site in the very near future.”
Birmingham City Council Leader, Cllr. Ian Ward added: “I’ve said for some time now that this is a golden decade of opportunity for Birmingham and this agreement is the latest major boost to our growing reputation as a city that is, quite literally, on the up. At 51 storeys high, this will be the region’s tallest habitable structure and huge credit must go to our home-grown SME, Court Collaboration for attracting high calibre investors and partners like PIC and Sir Tony Gallagher to the city. Birmingham is a bold and exciting international city and I look forward to seeing this exciting project take its place on our constantly evolving skyline.”
Delphine Deasy, Head of Build to Rent at PIC, said: “PIC is a significant and purposeful investor in the UK’s infrastructure and housing, and I am delighted that we have now acquired our fourth Build to Rent project, investing £200 million into central Birmingham.
“The 667 apartments development will have a positive effect on the local economy, including creating hundreds of new job opportunities and supporting the training of local students. At the same time, it will provide long-term, secure cashflows to back our policyholders’ pension payments in the decades ahead. We are actively engaged on a number of similar opportunities across the UK and have a strong pipeline going into 2023.
“We look forward to continuing working in partnership with Court Collaboration, a highly experienced developer, on this best in class scheme.”
Court Collaboration were advised by Stuart Eustace of CBRE and Natalie Harris of Pinsent Masons.