PHILIP’S BLOG 07/10/2014

metalworks-4k-street

The desire for land

The sure sign of an increasingly confident housing market is the appetite for development land &  buildings from individual & larger developers. Over the past six months many empty sites and properties in poor condition in the City core & immediate city fringe have been swept up as their vendors have been able to achieve the prices they have wanted, often reflecting the offers they might have been entertaining once before. Invariably the prices sought reflected those once offered at or near the height of the market seven years ago…before funders in particular lost their appetite.

What this means for Birmingham City Centre is there will be coming forward as we step into 2015 & the year beyond a new stock of City apartments and City houses suitable for owner occupiers & buy to let investors alike. One of the features of this summer has been the distinct lack of newly built properties to show applicants but this going to change. The Metalworks on Warstone Lane in the Jewellery Quarter is ahead of the pack , with completion anticipated in the Spring. This stylish new block of 105 apartments is located next to the completed Morris Homes built The Quarter scheme ,located within easy walking distance of all the amenities of The Jewellery Quarter.

It is interesting how areas change. When Morris Homes were selling their scheme , that far end of Warstone Lane seemed a step too far for some & they as developers suffered without a doubt from the caution potential buyers had. Now with the new Assay Offices taking shape nearby on former derelict land , the next phase of the privately owned The Mint residential apartment scheme quickly coming out of the ground close by too plus the uncertainty about the St Georges land on Carver Street/Pope Street & Camden Street having been lifted following its recent sale to Seven Capital the location is fast becoming core Jewellery Quarter . We wish the developers there every success and think the take up might surprise them. Of course we are the agents ..before you ask !

If you are a potential vendor I would encourage you to consider selling now whilst there is competition about and funding available. Cities like Birmingham are attracting interest from local developers plus those from further away, particularly those priced out of the South East or those finding the continual abortive costs from failure to secure sites elsewhere too demanding.

Philip Jackson
maguirejackson.com