A run-down vacant plot in Birmingham city centre is set to be converted into new apartments after a property deal.
Pan-European real estate investment manager Mark and residential developer Hub have together acquired the 2 Snow Hill Plaza site with the aim of creating a new build-to-rent scheme.
The existing building on the land off Snow Hill Queensway has been vacant for more than a decade and will be redeveloped alongside new public realm, ground-floor commercial space and on-site amenities for residents.
Further details of the number of apartments are not available at this stage as a planning application has not yet been submitted.
This is the first deal on which Mark and Hub have partnered, with the two London-based companies already exploring other opportunities to work together in the future, and it also marks the former's entry into the UK build-to-rent market with further acquisitions planned.
Hub is also leading a huge mixed-use scheme in the Digbeth district of Birmingham to create 1,250 canalside homes, 950 student apartments and a public square on the National Express bus depot for which it won consent in late 2020.
Tom Starkey, acquisitions manager at Hub, said: "We are delighted to have acquired another site in Birmingham, a city with strong growth fundamentals and a forward-thinking city council.
"Following a successful 2021 in which Hub completed four acquisitions, we are carrying this momentum into 2022 with our first deal with Mark. We hope to build on this relationship with further acquisitions in the future.
"Our return to Birmingham sees us move into Snow Hill, a particularly exciting part of the city given its proximity to workplace and amenity and the continuing demand for high-quality housing."
Mark's UK and Ireland managing director Lily Lin added: "Residential for rent forms a key part of our multi-platform strategy as we look to grow our presence in asset classes that are underpinned by long-term structural growth drivers and have demonstrated resilience during the pandemic.
"This acquisition will be the first of many as we look to create a wider UK build-to-rent platform that complements our existing residential strategies."
