Ashford Construction - Mixed-Use Development - Birmingham, Broad Street

Date: 10 Mar 2006

Ashford Construction has successfully negotiated a major city centre residential development with Chase Homes, the award winning residential division of Chase Midlands plc and a market leader in the provision of luxury housing schemes.

Comprising 126 one and two bedroom apartments, this 72,600 sq ft development forms a major part of the ongoing regeneration of the Broad Street and Convention Quarter in Birmingham City Centre and is a short distance from one of Ashford's previous highly successful schemes - Quayside Tower.

This £15.5 million scheme has already been pre-sold in a multi million pound investment deal with Earthquake UK Limited.

Earthquake has bought 106 of the apartments - all built to a high specification - leaving Chase with 20 affordable/low cost apartments which the company will be marketing in due course.

Peter Voase, Special Projects Director, Chase Homes, says: "This is the fourth deal that Chase has completed with Earthquake, the most recent being the £15 million development at Commercial Street, adjacent to the Mailbox - a similar scheme comprising 141 apartments as well as retail and live/work units.

"Both these developments were bought off plan at a very early stage, which is a clear indication of the current high level of interest in city centre residential schemes from the investment community. An interest which is set to continue well into 2006 as Birmingham grows in popularity with both the investor and owner occupier market."

Andrew Glenn, Business Development Manger for Ashford Construction confirms "This is a major award for the Ashford Team and demonstrates our ability to negotiate complex project within a tight timescale ensuring total delivery for the Client.

"We are delighted to be working with Chase on this excellent regeneration project and supporting them in their relationship with Earthquake."

The contract will be ready for handover in July 2007.

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