The land – located next to the iconic Edgbaston Stadium – will be used to develop the 375-home scheme, which has a gross development value of around £85m, subject to planning and local consent.
The acquisition comprises two plots of land which will provide new homes for rent and ground level retail units as well as residents’ parking.
Edgbaston Stadium plays host to Warwickshire Cricket Club and Birmingham Bears as well as hosting Test matches and international one-day matches for England.
“We set out with a clear strategy for our UK BTR platform, which was to target urban centres with strong demographic fundamentals,” said James Muir, managing director at Patrizia UK & Ireland.
“Edgbaston is an established and thriving part of Birmingham, and this particular location has access to the best of the city, including sports, employment, entertainment and dining out.
“We are pleased to have agreed this plan with both Warwickshire County Cricket Club and the Homes and Communities Agency which is aligned with our commitment to build more UK homes.”
Savills acted for the HCA and Warwickshire County Cricket Club during the transaction.
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Neil Snowball, chief executive of Warwickshire County Cricket Club and Edgbaston Stadium, said this next phase of its development was great news for the club and the city.
“The apartments and retail outlets combined with the new entrance and plaza will make this part of Edgbaston, and the stadium in particular, a 365-days a year destination and further enhance our match-day experience for our members, our supporters and for cricket fans from around the world.
“The announcement of this new development is another key stage in our 20-year Edgbaston Stadium masterplan that started in 2010 with the £32m investment in the stadium, including the iconic South Stand that provides world-class facilities for our members, players, officials, press, broadcasters and hospitality guests.”
The land is near to the University of Birmingham, which takes in 22,500 students, as well as the recently opened Queen Elizabeth Hospital, which employs 7,000 people.
“Our partnership with Patrizia will help provide more homes for people in this popular area of Birmingham, and it is great to see a European investment manager investing in the UK housing market,” added Karl Tupling, general manager at the HCA.