Pinsent Masons advises developer on £100 million investment for Selly Oak

25 Feb 2015 | 02:05 pm | 2 min. read

International law firm Pinsent Masons has advised Persimmon Homes on a landmark property deal that will create hundreds of stunning new homes at the former Selly Oak Hospital site gets the go-ahead.

Developer Persimmon Homes South Midlands and the University Hospitals Birmingham NHS Foundation Trust have exchanged contracts on a multi-million pound land deal for the former Selly Oak Hospital site.

The 42.5 acre site, which became redundant with the completion of the QE Hospital in 2011, is marketed by land agent DTZ, and has been identified as one of the most exciting development opportunities in the city for years.

Persimmon Homes South Midlands purchased the land with outline planning permission already in place for the 650 new homes set out in the masterplan and a reserved matters planning application has been lodged with Birmingham City Council’s Planning Committee to build the first phase of 98 luxury family homes.

Persimmon Homes South Midlands Managing Director, Andy Peters, said: “We are investing £100 million in this iconic site and look forward to beginning work on what will be a six to seven-year long project that will breathe new life into Selly Oak and create up to 1560 jobs.

“It is an exciting opportunity for us as developers to build homes which meet local needs and reflect the history and unique situation of the site, integrating into Bournville and the surrounding areas.

“The site has developed over 140 years from the 1870’s workhouse and later the Selly Oak Infirmary. The masterplan proposes 650 new homes, and some of those will be incorporated in the existing buildings which are of interest and have a local listing with Birmingham City Council.

“Work on site is expected to commence in April and we expect demand for these new homes to be high.”

The site was unveiled to investors by University Hospitals Birmingham and Birmingham City Council during international property show MIPIM last year. It was showcased as one of the best housing and mixed-use opportunities in the Midlands, combining brownfield with an established green setting. Its acquisition is a tangible example of how Greater Birmingham’s presence at MIPIM has attracted significant new investment into the region.

Councillor Tahir Ali, Birmingham City Council’s Cabinet Member for Development, Transport and the Economy, said:

"I am pleased that this key site in Selly Oak is to be given a new lease of life through this development, which will help close the housing gap in Birmingham, while retaining significant historic buildings. Importantly, this development will include affordable homes, as well as creating much-needed jobs in the city.

“Plans for the site were first unveiled at the MIPIM property conference in Cannes last year, so it is excellent news to see them making progress."

Iain McArthur, Director, DTZ Residential Land Agency, who led the disposal on behalf of University Hospital Birmingham commented: “This is the largest brownfield residential regeneration site in Birmingham to be marketed and sold within the last 10 years. Developer demand for the former Selly Oak Hospital site was extremely competitive demonstrating stronger market appetite for developments within the region all positively contributing to the region’s growth. The gross land value paid by Persimmon Homes demonstrates a record price for land reflecting its premium position situated on the edge of Bounville Village Trust land but also renewed confidence within the development sector.”

Tom Johnson, Real Estate Partner at Pinsent Masons, the law firm advising Persimmon Homes South Midlands on its acquisition and development of the Selly Oak Hospital site, commented: "The Selly Oak site is one of the largest strategic housing sites to come forward in the city for some time and its redevelopment will make a significant contribution towards meeting Birmingham's housing shortage. This investment by Persimmon also comes at a time when Birmingham is increasingly recognised as an investment hot spot in the UK and is part of a welcome resurgence of confidence in the city and the region."

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