The development of more than 600 apartments for the private rented sector (PRS) in Birmingham city centre has reached two major milestones.Nikal, which is leading the scheme known as Exchange Square, has completed a £100m sale of the first phase of the scheme to LaSalle Investment Management and appointed a lead contractor.LaSalle agreed the funding deal in May, weeks after planning permission for 603 apartments was given by Birmingham City Council.As well as the dwellings, which will be spread over three towers, Exchange Square will provide a 5,000 sq ft members club, a private lounge, gym and a 20,000 sq ft resident’s roof garden.Sir Robert McAlpine has been hired as main contractor and work is expected to begin this month. The first residential blocks are due for completion in 2018 and 2019.Knight Frank and Savills are joint sales agents for Exchange Square and advised Nikal on the funding deal. LaSalle was advised by CBRE.
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