Galliard Homes is investing £500m into the Bimingham housing market in a joint venture partnership with Apsley House Capital Plc.
The developer has agreed a partnership which could see 2,800 homes built across the city in a range of regeneration-style schemes. The first homes delivered under the scheme will be the 0.6ha, 379-apartment Timber Yard project, due for launch on 25 October.
Galliard is one of London’s largest residential developers. Founded in 1992 and with over 700 staff, the company is a property development, hospitality and management group overseeing mixed-use, residential, hotel and commercial projects across London and southern England. The Group has a £3.95bn portfolio under construction which includes 6,905 homes and 341 hotel suites.
Commentators believe the move is a first step towards diversification into regional markets, rather than relying on the London housing market which seems to have been slowing of late.
Speaking at the announcement of Timber Yard David Galman, Sales Director at Galliard Homes, said: “For more than 25 years Galliard Homes has helped young professionals and individual investors get onto the property ladder in and around London. We’re looking forward to introducing our product to Birmingham, setting a new benchmark for quality in the city.”
Robin Norstrom, Director at Apsley House Capital, added: “Although we have been working in Birmingham for more than a year, acquiring sites and progressing these through the planning system, launching our first site to the market is a real milestone for the joint venture partnership. We now have a committed pipeline of 2,800 homes planned for Birmingham, so it feels great to get the first site away.”
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