Regency Residential is on the brink of submitting a planning application for a mixed-use property development located on Bristol Street, known as ‘New Monaco’ which will be worth over £275 million.
The Manchester-based property developer and consultancy, part of MCR Property Group, has taken pre-planning advice from Birmingham City Council.
The property group continues its push to bring much needed housing with the garden village concept for a new build PRS (Private Rental Sector) and home seekers in the former Monaco House site.
If approved, ‘New Monaco’ located on the famous Bristol Street will bring over 1,000 apartments and townhouses to Birmingham city centre in the third quarter of 2021.
Michael Fenlon, Director of Sales and Marketing at Regency Residential, said: “Regency Residential was launched in January as the residential sales division of MCR Property Group; we continue to work towards bringing much needed housing to the UK. Regency Residential and MCR are working with Birmingham City Council as these major applications continue to be considered.”
The announcement of the schemes comes after Regency Residential has seen sales to private investors and home owners soar in the first quarter of 2017, with combined sales surpassing £20m.
Fenlon added: “‘New Monaco’ is an incredibly exciting project to be involved in and will help redevelop a famous street in the amazing city of Birmingham. Since launching in January our staff have worked tirelessly to bring five residential development schemes to market in major UK towns and cities, including in Swindon, Derby, Sale and Altrincham in Greater Manchester and Norwich. In total, we have sold more than 170 properties in just four months.
“We believe our plans such as ‘New Monaco’ and the equally exciting two phase 1,000 home development in Manchester on Gould Street will continue to propel us even further forward.
“Additionally, we have future developments planned in London, Bristol, Leeds, Sheffield, Greater London, Cardiff, Ireland, Spain, Italy, Portugal, Germany and in the Far and Middle East, will help us push the Regency Residential brand to be the next level.
“Being a privately funded outfit means we are able to provide secure investment. We only request a £1,000 reservation fee and property is not available until planning permission is granted. On top of that the standard 10 per cent deposit is paid on legal exchange and held securely.”