Joint venture acquires vacant Sainsbury’s site
A vacant Sainsbury’s site in Selly Oak, Birmingham, as been acquired by a joint venture between Galliard Homes and Apsley House Capital.
The Galliard Apsley Partnership is aiming to deliver a mixed-use scheme on the site to create an expected gross development value (GDV) of £160m.
The joint venture has created a Birmingham-based portfolio with an anticipated GDV of over £500m. It’s also aiming to create around 2,250 homes in the city through the regeneration of brownfield sites.
The site was vacated in 2018 as the grocer relocated to nearby premises.
The partnership is expected to develop shops and houses on the derelict site.
Gerard Nock, chairman at Apsley House Capital, said: “Apsley House Capital is committed to Birmingham bringing new investment and economic benefits into the region as evidenced in our work at our other key sites. At Selly Oak we can look to create a dynamic mixed-use destination ensuring the sustainability of this strategic site at the heart of the town centre.”
Knight Frank advised the joint venture, while Colliers advised Sainsbury’s.