Galliard Homes and Apsley House Capital have sold 100 flats worth £23.4m in just three days at the launch event for their Timber Yard, Birmingham, development.
Phase one sold out off plan to a combination of UK and overseas buyers. The flats sold at prices averaging £215,000 for a one bed and £315,000 for a two bed with an average price achieved of £420 per sq.ft.
The Timber Yard covers a 1.5 acre regeneration site in the city centre. On completion in Q1 2021 it will provide 379 apartments with hotel-style foyers, concierge, gym, club lounge and a cinema room.
David Galman, Sales Director at Galliard Homes says: “The apartments released over the three day launch sold for a blended average of £420 per sq.ft. which represents value for money for both owner occupiers and investors. The launch underlines the strong following that the Galliard brand has amongst young professionals and individual investors keen to get onto the property ladder.”
Robin Norstrom, Director at Apsley House Capital added: “The Timber Yard development has been highly anticipated and we are pleased that the entire first phase has successfully sold out during the launch. The sales demonstrate that there is end user and investor appetite for the London style regeneration and the apartments with their Galliard specification that the partnership is bringing to the Birmingham new homes market.”
The success of the launch event seems to underline the current buoyancy in the Birmingham new homes market amongst home buyers and investors looking for value outside London. Birmingham house prices rose 3.5%, ahead of the national average of 2.9%, in the year to August.