UK-based developer Nikal has submitted a new plan for its Exchange Square scheme in central Birmingham’s Eastside district.
Under the new application filed with Birmingham City Council, the company aims to build 1,000 new homes by increasing the permitted residential floor space to 70,000m².
The council previously granted permission in 2007 to construct a 71,000m² mixed-use development at the Masshouse site in central Birmingham, where 60,000m² was to be used for offices, 5,000m² for ground floor retail and up to 12,355m² for 200 homes or a hotel.
In 2012, the council extended the permitted residential use to 14,409m².
This latest application not only intends to increase permitted floor space but also retain the homes for private sector rental (PRS).
Nikal managing director Nick Payne said: "We feel PRS is the way a lot of residential development will take place.
"We’re working through the way we’re going to fund it and are very optimistic we’ll have funding in place to complete the scheme in its entirety, rather than in phases.
"We’ll hold on to the apartments and manage them to make sure they’re well kept and well let, as opposed to selling them on. We’re looking to buy sites in other cities and we’re exploring sites in Manchester, Liverpool, Sheffield and Leeds where we would roll out the large campus model."