Panther Securities has completed the sale of its mixed-use Holloway Head site in Birmingham for £11.3m in an off-market deal.
The 1.3 acre brownfield site received full planning permission in November 2015 for 487 residential units and 5,000 sq ft of commercial space. It currently comprises of two long leasehold and three freehold properties.
The landmark site is close to Birmingham New Street Station and has previously remained vacant for more than 25 years. The residential element will comprise of two connected 14 storey towers containing 22 studios, 261 one-bedroom and 204 two-bedroom apartments
Book value for the site last stood at £6m in 2016 with the undisclosed buyer having the ability to negotiate extensions and an extended user clause to the two existing 100-year leaseholds.
Panther Securities chairman Andrew Perloff said: “Having spent half my working life piecing this site together, obtaining planning permission and trying to achieve this sale, I am delighted to see it come to fruition at last and finally achieving a successful sale. This site has been put together and worked on by the group for over 30 years, this being the second planning permission that has been obtained, thus the board is very pleased to finally be seeing the rewards of these efforts.”