The build to rent (BTR) scheme, provisionally called Kent Street Baths, will have a gross internal area of 450,000 sq ft over 15 floors and a gross development value of between £85m and £100m.
CLI intends to develop the site under its new Hygge brand, which brings together energy efficiency, plug & play technology, along with ‘premium levels of service and management’.
It has purchased the site from Benacre Properties.
The site was formerly the location of the Kent Street Baths which opened in 1851, heavily damaged in the Second World War, and finally demolished in 2009. The concept architects on the project are Glenn Howells Architects.
CLI intends to build 5,000 homes over the next five years for the private rented sector.
Declan Mackle, chief executive of parent company Camborne Capital Group, said: "The securing of a premium, central site in Birmingham is a strong start for CLI. The Kent Street Baths development epitomises the site and location characteristics that we are looking for across our portfolio, and represents a unique opportunity to build a strong, thriving rental community in the heart of one of the UK’s leading cities. We are proud to be participating in the exciting regeneration of Birmingham. The city is a major focus of real estate investors not just in the UK but internationally at present.
“We aim to build Hygge as a premium pioneer brand in the build to rent sector, offering an attractive design, energy-efficient, technology and service quality ethos for young professionals and middle income families seeking long-term, safe, secure homes.”
CLI’s land manager, Daniel Cohen, added: “The private rental sector in the UK is developing rapidly and represents a significant contributor to solving the country’s housing shortage. Camborne Land Investments is focusing its investments on regional cities across the UK and the London commuter belt, and is steadily building its pipeline of opportunities.”