Property developer High Street Residential has paid £19m for the larger of two plots earmarked for regeneration on the site of the former Kent Street Baths. It already owns the other, smaller piece of land.
Plans are being drawn up for a £133m development of two blocks of flats totalling up to 580 apartments for private rent. Some commercial facilities ae also planned.
When combined with projects already planned with local developer Taylor Grange Developments at Holloway Head and in Digbeth, High Street Residential is planning to deliver up to 1,300 apartments in Birmingham as part of a £300m development programme.
Institutional and wealthy private investors are already committed to buying all of the apartments when completed, the developer says.
Nationwide, High Street Residential has plans to build more than 3,000 private rented sector (PRS) apartments with a gross development value of more than £1bn.