Galliard Homes and Apsley House Capital have sold all nine commercial units at their Timber Yard development in Southside, Birmingham.
The ground floor units, totalling circa 8,000 sq ft, have been bought, along with ten apartments, by a private investor for an undisclosed sum.
Two of the nine units have planning for restaurant use, with the remaining units earmarked for retail.
Timber Yard is the first development in Birmingham by joint venture partners Galliard Homes and Apsley House Capital. The scheme, on Pershore Street, comprises 379 studio, one, two and three bedroom apartments, plus the ground floor commercial space.
On-site amenities include concierge service, gym, screening room, residents’ club lounge and undercroft car parking.
More than 65 per cent of the scheme is already sold, with sales totalling £61million. The final phase of apartments has been released to meet buyer demand.
David Galman, sales director at Galliard Homes, said: “Southside, including the Gay and Chinese Quarters, is a culturally rich and diverse area of the city, with a thriving day and night-time economy. It’s mix of restaurants, bars, pubs and clubs is a popular draw for residents and visitors alike.
“Given Timber Yard’s prominent location in the heart of Southside, we fully expected the commercial element of the scheme to prove popular with retail and leisure operators who want to be part of the quarter’s ongoing success story. Whether shops, bars or restaurants, they will be a great addition for the area and a useful amenity for the residents of Timber Yard.”
Robin Norstrom, director at Apsley House Capital, added: “The commercial units at Timber Yard are an important extension to Hurst Street, continuing the run of shops, bars and restaurants down the street and expanding this vibrant area of the city.
“With up to 6.5 meters floor to ceiling height the units are perfect for something alternative and quirky.”