The new buildings will feature a mix of studio, one, two and three bedroom apartments, alongside 86 additional car parking spaces, 24 secure cycle spaces and 22,571 sq ft of space suitable for commercial use.
Birmingham City Council have now granted Nikal permission to deliver a total of 826 apartments on the site, in three residential buildings, and a 5,000 sq ft residents’ hub.
James Payne, Development Director at Nikal, said: “Exchange Square represents a significant boost to Birmingham’s available city centre housing stock and these proposals complement the plans that were recently approved for our first phase.
“Surrounded by new leisure and retail space and the availability of on-site ancillary services to accompany the residential offer, we anticipate Exchange Square will generate significant interest, particularly for young professionals looking for accommodation in a rapidly evolving part of the city.”
The development’s first phase, which is being funded through a deal secured with LaSalle Investment Management in excess of £100 million, is due to begin in the summer, with the first block completed in 2018. Work is due to commence on the second phase in 2017.