Solihull singled out for fast track growth in national report
Solihull is set for an investment boom as the popular borough bucks the market to bounce back faster than many Midlands towns.
That’s the verdict of the developers of the Solihull’s most prestigious property development, Princes Gate in Homer Road, following the publication of a highly positive “Why buy in Solihull” report produced by national property experts Savills.
Elevate Property Group has built 100 apartments in two phases. The first phase of 30 apartments in Consort House sold out very quickly earlier this year and the second phase, Royal House, of 70 apartments is selling fast too.
The development is now over 85% sold, with five apartments sold in the first week after lockdown on estate agents was lifted. Selling agents Savills reported that two were bought by first time buyers and three were taken by investors.
But now the town is set for a significant upturn according to an investment report by Savills combined with news that construction is to go ahead on the new Westgate office development, which is only 150m from Princes Gate.
The development will provide 114,000 sq ft of Grade A office space over seven floors with job creation likely to top 1,000.
David Hofton, sales and marketing director, said: “We believe that the surge of interest in buying and renting at Princes Gate, alongside the extremely upbeat report produced by Savills, means that Solihull stands poised at the start of an unprecedented period of growth and job creation.
“The major Westgate development is scheduled for delivery in Summer 2022. The success of innovative young companies such as Gymshark which is headquartered at nearby Blythe Valley Park, and the proximity of major employers such as Jaguar Land Rover, Npower, Paragon Finance, National Grid, Oracle and Siemens, sets Solihull as a very popular location to live and work.”
“Why buy in Solihull” lists a host of reasons why Solihull is a magnet both for investors and buyers.
- House prices saw average increase of 24% between January 2015 and January 2020. The year to March 2019 saw a 5.04% increase.
- Weekly earnings are 14% higher than the national average and disposable income is 9% higher.
- Solihull borough is home to 8,295 businesses employing 125,000 people with the potential for the creation of up to 22,000 new jobs by 2030.
- Gross value added (GVA) is 34% higher than the UK average, and between 2012 and 2017 GVA in Solihull increased by 40% – £2.3 billion – double the UK average.
David Hofton said: “Add to this the proximity of venues like the NEC, plus Birmingham Airport, Birmingham International Railway and the M40 leading into the national motorway network and it is hard to think of a better connected location.
“In addition to this potent mix, the prospect of HS2 providing 38 minute commutes to London, and it is not hard to predict a rosy future for Solihull.”
He added that HS2 could have an exponential effect on Solihull’s growth.
“At present the average property in Solihull is worth 7.68 times average annual salary compared to 12 times in London. Property prices are half those in the capital, so it is easy to recognise Solihull’s attractions,” he said.
Princes Gate also benefits from its proximity to Waitrose, the Touchwood Shopping Centre and Solihull railway station providing a nine minute commute into Birmingham.
Following lockdown and the increased focus on enjoying the outdoor life and open spaces, Elevate has elected to upgrade the provision of landscaped gardens around the Princes Gate development.
Mr Hofton said: “Landscape designers are creating peaceful areas where residents can chill out, read or relax as they wish.
For those wishing to exercise, Tudor Grange Park is within 400m and provides a swimming pool, gym, athletics track, nine-hole pitch and putt, a cycling- rollerblading track and open
Joe Shorney, Savills’ head of residential development in Birmingham, said: “We have seen a sharp increase in new inquiries since lockdown eased and pent-up demand bodes well for the second half of this year. Princes Gate is a landmark site, within walking distance to the railway with links to London and Birmingham, and metres from first class amenities including John Lewis.”
Joint agents for Princes Gate are Savills and Smart Homes. See https://search.savills.com/property-detail/gbbmrdbrx200090 and https://www.smart-homes.co.uk/princes-gate for details.
With the development already 85% sold, there are only 15 apartments remaining and prices range from £200,000 to £385,000.
Elevate Property Group is building a national reputation for the quality of its residential-led schemes. Current high-profile developments throughout the country include Victoria Point (Ashford), Alban House (Hereford), Trent Bridge Quays (Nottingham), Princes Gate (Solihull), Assay Lofts (Birmingham), Sheldon Court (Sheldon, Birmingham) and Cliveland Street (Birmingham).
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For further information, please contact:
Steve Dodd, Managing Director,
Elevate Property Group, St Pauls House, St Pauls Square, Birmingham B3 1RB
0121 272 5729
Elevate Property Group creates exceptional architectural spaces that respect how important your home is for easy living and wellbeing.
Savills is a global real estate services provider listed on the London Stock Exchange. We have an international network of over 650 offices and associates and circa 37,000 staff throughout the Americas, Europe, Asia Pacific, Africa and the Middle East, offering a broad range of specialist advisory, management and services to clients all over the world.
Prepared and issued by Andy Skinner of ASAP PR – 01789 490786 or 07990 978257.