Braemar to manage Masshouse apartments
Braemar Estates, the property asset management arm of the Braemar Group, based in Hale, Cheshire, has been appointed as property manager of the Masshouse residential block in the heart of Birmingham.
The 173-unit block was developed by Manchester-based Nikal Developments and The Royal Bank of Scotland.
Braemar Estates currently manages a leasehold portfolio of 3,100 residential properties with a combined value of £500m in the UK on behalf of freeholders and leaseholders.
Neil Roberts, managing director of Braemar Estates, said: "We are very pleased to have secured this new instruction at Masshouse Plaza. The prime central location next to Aston University and the quality of design and finishes means that the building is an established success in both the owner-occupier and buy-to-let markets. The building enjoys very high occupancy levels, mainly from the student market."
Student numbers are expected to increase by over 28% in 2014. Braemar currently offers investment into student accommodation through its Channel Islands Stock Exchange listed Open Ended Investment Company.
Construction of Birmingham's new magistrates court on the adjacent site is set to enhance values in the area and bodes well for the opening of Nikal's next phase residential building which is 95% completed.
