Timber Yard is being developed by a joint venture between Galliard Homes and Apsley House Capital, on the site of the old Pershore Street car park site within the Gooch Street Estate in Birmingham city centre.
Construction of the development has now started on site, with initial ground works and piling now completed.
On completion in autumn 2021, the Timber Yard will have 379 apartments across two blocks of seven and 13 storeys high.
The developers report that 55% of the flats have been sold off-plan already, to a mix of UK based and overseas buyers, including owner occupiers, second home owners and rental investors.
Timber Yard is the first of five developments that the Galliard Apsely Partnership has planned for Birmingham, investing a total of £500m in the construction of 2,800 apartments.
Galliard Homes sales director David Galman said: “Birmingham is undergoing massive regeneration on a scale that London experienced some 10-15 years ago. The highly price-competitive entry prices, appealing £ per sq ft values, a good rental market and the potential for capital value uplift have all combined to generate a strong demand from both UK and international buyers.”