Locksbridge developments have completed the first phase of 46 residential apartments in New Coventry road, Birmingham. The total scheme will consist of 146 apartments with an end GDV of £18-20m, split into two phases, which will consist of Studio's, 1 bed's and 2 bed+. The development was bought off the receivers after the previous developer, who paid £14m for the site and spent c£5m on development, went bust in 2008. Locksbridge have kickstarted the scheme and have successfully sold the majority of the first phase to local occupiers, investors and corporates. Claremont Property and John Shepherd have acted as joint selling agents.
Due to the strategic nature of the site, being only minutes away from Birmingham International Airport and the National Exhibition Centre (NEC), as well as being located on a busy arterial route way into the City Centre, Locksbridge are thus committed to building the next phase of 100 apartments, which could have a serviced apartment element due to the significant demand of hotel accommodation in the vicinity.