Chinese New Year spotlight on Birmingham as Far Eastern investors focus on city

25th Jan

Hong Kong and Chinese investors will be able to tune in online and in person to a major presentation on the burgeoning Birmingham residential property market.

The event, timed to celebrate the Chinese New Year on Sunday, January 30, is the brainchild of Birmingham-based investment advisers Easehome, founded by entrepreneur Tommy Chan, and independent residential developers Elevate Property Group.

It will be co-hosted with the development’s selling agents, Savills.

A special “Why Birmingham?” video produced both for the event and global circulation, highlights the reason so many investors are targeting the city.

The presentation, in multiple languages including Cantonese and Mandarin, from the Wing Wah Restaurant, Wrottesley Street, uses as a prime example of Birmingham’s potential as an investment magnet, Priory House, the former forensic laboratories currently being converted by Elevate.

The existing building in Gooch Street North in the city’s renowned Chinese Quarter, is being converted into 79 luxury apartments and, with 20% already reserved, is due for completion in July 2022.

Elevate sales and marketing director David Hofton said: “The video simply highlights to investors – Why Birmingham? Why Elevate? Why Priory House? – as a prime example of the city’s attraction to overseas investment.

“Put simply, a lack of new starts on residential sites in Birmingham in the past two years has created a shortage of rental stock, and hence exceptional rental demand which, allied to a sensible level of service charges for a development of this quality, has all added up to put Priory House in pole position for investors.”

The event runs from 11am-3pm on January 30.

Elevate and selling agents Savills and Ease Home have created an event that will include a traditional Lion Dance performance, a tribute to “Caishen”, the God of Wealth and a Chinese calligraphy artist.

Mr Hofton added that the pull of Priory House was equally strong for local buyers as well as overseas investors.

He said: “Help to Buy is available, up to the West Midlands threshold of £255,600, on 33 of the 79 apartments at Priory House.

“With Elevate Property Group one of the few developers actually delivering properties in the city this year, Priory House represents not only a first step on to the property ladder for young buyers, but also a chance to own a home at what will be one of the most prestigious addresses in the city.”

Following the presentation, those attending in person will be able to walk from the Wing Wah Restaurant to Priory House, a route which takes them past the Birmingham Hippodrome Theatre and the city’s famous National Trust-maintained “back to backs” – the last surviving court of houses from this era in the 19th century.

Joe Shorney, head of residential development sales at Savills in the West Midlands, said: “We are delighted to partner on this event with Tommy Chan and his team.

“It’s exciting to be delivering this event globally through the use of technology which enables us to demonstrate the luxury quality and specification which runs through Priory House, not only to our local contacts but also to a far wider audience.”

The presentation will highlight just a few of the statistics that are helping to attract global investment into the city.

Birmingham is part of a growing £80 billion economy and is home to the UK’s second largest business, professional and financial sector.

This has helped attract the likes of global businesses HSBC, Goldman Sachs, pwc, BT, KPMG, Deutsche Bank, & Deloitte.

In 2019, 7,379 people relocated to Birmingham from London, attracted by factors such as the city having more Michelin restaurants than any other outside of London.

Birmingham is Europe’s youngest city, with 40% of the population under 25, and in 2020 was voted “Most Entrepreneurial City” with 18,395 start-ups that year, despite the pandemic.

David Hofton said: “In addition, visitors are often surprised to find that Birmingham is one of the greenest cities in the UK, with over 8,000 acres of parkland and green open space.

“But perhaps one of the most important draws for investors is a forecast 24% growth in prices over the next five years.

“Which makes 2022 a very good year to invest or to buy your first home in Birmingham.”

BusinessWorks Wocestershire & Black Country spring 2022 | BusinessWorks Magazine

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