News
Jewellery Quarter Carving Out It's Own Niche - February 28, 2006
Midlanders already know it's a national treasure, but it seems word is spreading further afield as investors and residents alike continue to be attracted to Birmingham's Jewellery Quarter.
The regeneration of the area, which has been taking place slowly since the early 90s but only in earnest for the last two years, means that now is the time to capitalise, according to Philip Jackson from specialist city centre estate agents, Maguire Jackson.
"The traditional jewellery trade is undergoing a fundamental change and as the industry leaves empty manufacturing properties behind, independent developers and small creative and professional businesses are moving in. We're now starting to see the first shoots of life after hours," he says.
He also believes the Quarter is benefiting from its status as a conservation area.
The fact that the Jewellery Quarter has this special status means that its most appealing factors are more or less guaranteed for the foreseeable future. We see this in the new developments as well as the conservation of existing buildings.
"There is an intimate scale about the area and a geographical desirability that appeals to both the residential and commercial property markets. That combination is creating an urban village and that's precisely what buyers are looking for.
"They appreciate the character that comes with smaller developments versus larger schemes," he explained.
He says a number of smaller developments are evidence of that trend such as Boxworks on the corner of Tenby Street North and Carver Street, and Spencer Point, located in the heart of the Quarter's 'golden triangle' close to the Jewellery Quarter Station.
Boxworks is a former factory making timber boxes for the jewellery trade and the building stood derelict for many years before it caught the eye of Irish property developers, New Manor Developments.
"We'd been looking for a development opportunity in mainland UK and we'd spent a long time looking for the site with the greatest potential," explains Tareq Mahmood, company secretary for New Manor Developments.
"When we came across this building we immediately called off the search elsewhere. It was a case of 'let's get on with it'.
"We opted to build 20 apartments and four commercial units because we felt the mixed-use strategy was working well elsewhere in the area and creating the feeling of a village.
"We've not looked back and half of the apartments are already pre-sold, with three of the commercial units also snapped up by architects, stockbrokers and a new media company,"he added.
Meanwhile, Spencer Point is the brainchild of Jewellery Quarter-based architects, PCPT, and has been designed to incorporate their new double-height offices on the ground floor with the three floors above providing apartments and a penthouse, due to complete next summer.
Jackson says these niche developments are a sign of things to come.
"We'll also see more and more companies moving across Great Charles Street and making the Jewellery Quarter their home," he explains.
"That will bring more life and vibrancy to the area and that in turn, attracts the residential property market. This really is a great opportunity, whether you're a developer or looking for property for yourself."
Prices at Boxworks start at GBP125,000 for a one-bedroom apartment, while the remaining commercial unit are available from GBP156,500. Prices at Spencer Point start at GBP100,000 for a one-bedroom apartment rising to GBP175,500. The penthouse has been pre-sold.
Maguire Jackson, Leading Letting & Estate Agents in Birmingham City Centre: flats & apartments to rent Birmingham, property to rent Birmingham. Property, flats, apartments, for sale in Birmingham. Commercial property, offices to rent and for sale, Birmingham.
