A prime residential site in Birmingham has been sold by property agents Siddall Jones for £2.8 million.
The former car parking site at 50-60 Northwood Street in the Jewellery Quarter has full planning permission for 44 apartments and 32 parking spaces with gated access.
Ryan Lynch, associate director at Siddall Jones, said: “We were delighted to be instructed to dispose of this site which had lain dormant for several years, and look we forward to the seeing the scheme, which is scheduled for completion in late 2021, make a fantastic addition to the street.
“The site generated significant interest from both local and national developers, demonstrating that the Jewellery Quarter is still an attractive location for developers, not least because of its young professional workforce and variety of independent retailers and restaurants.”
The 0.46 acre site was sold by Raybone Developments Ltd to an unnamed West Midlands developer.
The deal follows on from Siddall Jones’ recently announced million pound plus sale of the Grade II-listed, 18,000 sq ft, former Derwent Works on the corner of Constitution Hill and Henrietta Street, for an undisclosed sum.
Edward Siddall-Jones, managing director of Siddall Jones, said: “We continue to secure instructions and want to work with developers around the Jewellery Quarter and wider Birmingham area.
“When we eventually come out of lockdown, there will be considerable pent-up demand to be met and those who can hit the ground running and have continued to promote themselves hard through this very difficult trading period, will undoubtedly reap the benefits.
“Site acquisition, consultations, design and planning is something that can continue during lockdown and we are very keen to facilitate new developments in Birmingham and help bring sites to the market,” he said.
Siddall Jones is one of the West Midlands’ leading independent property agents, with offices in Birmingham and Dudley.