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Legal & General, together with Spitfire Urbane, announce that work is now officially underway at Newhall Square, a new £53m Build to Rent (BTR) project in Birmingham’s Jewellery Quarter.
8 Dec 2017
To celebrate the start on site, a ground-breaking ceremony took place on 7 December 2017. The event was attended by key parties involved in the project, including senior members of Legal & General, Spitfire Bespoke Homes and Winvic, as well as Andy Street, Mayor of the West Midlands.
Newhall Square, which is being developed by Spitfire Urbane and forward-funded by Legal & General, is located centrally between the established Central Business District and the retail/leisure hub of the Jewellery Quarter. The project will see the delivery of 220 residential units, some canal facing, and 7,500 sq ft of ground floor commercial space, together with a public square.
There is currently more capital committed to infrastructure projects in Birmingham than any other European city; the site sits within five minutes’ walk of the new Paradise development, a mixed-use development that will deliver 1.8m sq ft of new office, retail and leisure space, generating 12,000 new jobs.
Dan Batterton, BTR Fund Manager at LGIM Real Assets, said: “We acquired this site just over a month ago and have now already started construction. This speed of delivery is vital to help to address the supply demand imbalance in the city. With a current population of 1.1m, the population growth of Birmingham is the third fastest in the UK, however available housing stock is at a record low and is exacerbated by weak levels of new house building in recent years.
“Spitfire has an outstanding record for creating unique homes and share our values of wanting to provide high-quality, affordable and professionally-managed rental accommodation.”
Speaking about the start of work at Newhall Square, Andy Street, Mayor of the West Midlands said: “I am delighted to have been invited to celebrate the start of a project which will help to make such a positive change to Birmingham’s Jewellery Quarter. Not only will it create much-needed new homes in the city centre, but it will also revitalise a number of listed buildings, helping to ensure Birmingham’s rich history continues to play an integral role in its bright future. It is also wonderful to see local businesses, such as Spitfire and IM Properties, continuing to invest in the region, recognising the fantastic opportunities here.”
David Jervis, Managing Director of Spitfire commented: “We were delighted to be joined by Mayor of the West Midlands, Andy Street, to officially mark the start of work on site at Newhall Square, which is a key milestone in an important project for Birmingham’s Jewellery Quarter.
“The event also recognised an exciting new step for Spitfire, celebrating the launch of our new sub-brand, Spitfire Urbane. Spitfire Bespoke Homes has become known for creating high quality homes in some of the country’s premier locations, and Spitfire Urbane will share these principles. With over 50% of young professionals and millennials in Birmingham now residing within 1km of the city centre, Build to Rent schemes such as this one are an excellent way of meeting the increasing demand for affordable, quality rental accommodation in metropolitan areas. Newhall Square is Spitfire Urbane’s first project, and we are considering future opportunities to increase the accommodation offering within the city.”
The project is the first step into the Build to Rent sector for Spitfire - recently named Housebuilder of the Year at the Insider Midlands Residential Property Awards 2017 - with the event also marking the launch of Spitfire Urbane. This new brand from Spitfire Bespoke Homes will build upon the housebuilder’s success by focusing on high quality sophisticated city centre living, delivered through a combination of Build to Rent schemes and open market developments.
Mark Jones, Director for Multi-room at Winvic, commented: "Our team and I have been working with Spitfire over the last year, using our experience to develop the design for this high quality, urban living scheme. We are delighted to commence work on site and we and look forward to delivering this project in 2019.”
LGIMRA is a division of Legal & General Investment Management (LGIM), one of Europe’s largest
institutional asset managers and a major global investor. LGIM manages £1.29 trillion1 ($1.57tn) in
assets, working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
LGIM Real Assets has assets under management of £36 billion2 ($43.8bn) and is one of the largest
private markets investment managers in the UK. Investing in both debt and equity and across the
risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial,
operational and residential property sectors, as well as infrastructure, real estate, corporate and
alternative debt.
Taking a long-term view in order to future proof our investments, LGIM Real Assets continues to lead the industry in ESG performance, considering all environmental, social and governance issues at asset level as well as portfolio level.
1LGIM internal data as at 30 June 2022. These figures include assets managed by LGIMA, an SEC Registered Investment Advisor. Data includes derivative positions.
2Source: LGIM Real Assets. AUM data as at 30 June 2022.
*at 13 Jan 2023
IMPORTANT INFORMATION
For professional clients only. Past performance is not a guide to the future. The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. Views expressed are of LGIM as at 12 January 2023. The Information in this document (a) is for information purposes only and we are not soliciting any action based on it, and (b) is not a recommendation to buy or sell securities or pursue a particular investment strategy; and (c) is not investment, legal, regulatory or tax advice. Legal & General Investment Management Limited. Registered in England and Wales No. 02091894. Registered Office: One Coleman Street, London, EC2R 5AA. Authorised and regulated by the Financial Conduct Authority, No. 119272.
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.