Surge in summer activity at Hive, Birmingham
Developer Nikal has reported a surge of summer activity at its Hive development in Birmingham city centre. The popular apartment scheme as bucked the traditional summer slowdown with 15 properties reserved since June.
Properties have been snapped up at the Eastside development by a majority of owner occupiers including a local university lecturer, a banker and three doctors. Interest from investors is also on the rise with purchasers reporting immediate occupancy of properties and tenants keen to sign long term leases.
Purchaser Sally Boughen from South Yorkshire chose to make Hive her first property investment after recognising its unique proposition: “I was looking for an investment in an up and coming location and found exactly that at Hive,” commented Sally. “The development looks great and is in a fantastic location in an area of the city centre which is really starting to come into its own. I wanted a property that was new and that would easily attract tenants and with Hive being located so close to both the city centre business community and numerous educational facilities I have absolutely no concerns about rental voids.
“The building’s secret garden is starting to take shape and with the City Park and new High Speed 2 terminal both close by, I think Eastside has massive potential. I’m really happy with the one bedroom apartment that I purchased and am confident it will reap dividends in both the short and long term.”
Part of the wider £600m mixed-use Masshouse scheme in Birmingham’s Eastside, Hive brings an exciting and innovative new collection of studio suites, one and two bedroom apartments to the city centre. A choice of studio suite and one bedroom apartments are currently available with prices starting from £90,000. Properties are ready for immediate occupation and benefit from a prime Eastside location within walking distance of the Bullring, High Street, Colmore Business District and universities in the vicinity.
Simon James, Sales Director for Hive commented: “We are delighted with the success that Hive has had, particularly as it is the first residential development to be launched to the market in Eastside. The development has attracted a lot of attention and astute purchasers such as Sally are clearly recognising not only the quality of the development but also the area’s future potential. With recent confirmation that Masshouse will be within the new city centre Enterprise Zone we expect to see increased demand for homes in and around the Zone and, as such, those who bought early at Hive could soon be reaping the benefits.”
Mark Evans, partner at Knight Frank Birmingham added: “Nikal took an ambitious risk in building the first residential developments in Eastside at Masshouse and Hive and it is one that has proven to be very shrewd. Hive’s second phase launched to the market in difficult conditions early this year but that hasn’t detracted buyers from recognising its position within a rapidly improving side of the city that is soon to be home to the Enterprise Zone, HS2, the City Park and new education facilities. No doubt other developers will follow Nikal’s lead here but for the moment Hive is the only new build residential scheme in Eastside and a rare property opportunity not to be missed.”
Kick started through funding from the Homes and Communities Agency, Hive has triumphed over difficult market conditions, delivering stylish new apartment that are also highly innovative. All properties at the development are powered by Birmingham District Energy Company (BDEC) – the first time residential homes in the city have benefitted from the city’s district water heating system, saving an estimated 92 per cent of CO2 emissions and reducing residents’ hot water and heating bills by around 30 per cent.
