PGC Capital, the Shanghai-headquartered boutique investment bank, specialising in property development and private equity, has applied for planning permission to build 517 residential apartments on a former car dealership site in Digbeth, Birmingham.
PGC intends to demolish the Renault site at 75-80 High Street and replace it with a new residential block containing a mix of 263 one-bedroom, 252 two-bedroom and two three-bedroom apartments.
The plans also include ground floor commercial units, parking for 153 cars and secure bike space for all residents with the possibility of an on-site cycle repair workshop also under consideration. The development will include two 10 storey blocks and one standing at 25 storeys which will be located at the intersection of High Street and Clyde Street.
It will be known as ‘Lunar Rise’, in recognition of the city’s historic Lunar Society, a group of 19th century polymaths who used to meet in Birmingham on the Monday nearest to the full moon. Renault is due to vacate the site by the end of 2017 and construction is expected to start in early 2018, subject to planning consent. Architecture practice Corstorphine + Wright has designed the scheme.
PGC’s first UK property development, the award-winning Jewel Court, is in the historic, and now highly desirable, corner of Birmingham, known as The Jewellery Quarter.
Denise Li, the CEO of PGC Capital, says: “Where there’s a need, there’s an investment opportunity. We are bringing money and commitment to help alleviate the acute housing shortage in Birmingham. Our second project will be an iconic development which will be part of the exponential growth that Birmingham is experiencing.
“The UK is a safe haven for investors because it is a well-established market with a mature legal system, say Li. “Our schemes will demonstrate how the east and west can work together.”