Elevate Property Group has acquired the Princes Gate office development in the centre of Solihull in a plan to create 100 new homes, with funding from Shawbrook.
The site on Homer Road consists of three office buildings arranged around a central courtyard, which will be converted into 100 studios, as well as one and two-bedroom apartments.
Elevate will also consider plans for further residential development on the site of an adjacent and redundant multi-storey car park.
Steve Dodd, Elevate managing director, said “This is a major acquisition for us and gives us a prestigious site close to Solihull town centre, train station, the NEC and Birmingham International Airport.
“The funding from Shawbrook, with the support of both the regional office here in Birmingham and the development finance team, was structured to give us complete confidence to acquire the site and to fully commit to the project as we first envisioned it.”
With five universities within a 10-mile radius, large established employers and almost 8,000 businesses in the area, the development is aimed at young professionals, commuters and first-time buyers.
Elevate and joint venture partner Investin plc have completed a number of projects over the last 12 months, including developments in Coventry, Nottingham and Derby.
Terry Woodley, head of development finance at Shawbrook, said: “Steve and the team at Elevate have an impressive history of successful developments across the Midlands.
“In Princes Gate they have identified and secured a site with great potential in a highly desirable location. Solihull has a lot to offer, and we think Princes Gate will become a very popular development in the town so we’re proud to be involved.”