The site (pictured above) contains three office buildings around a central courtyard, which will be converted into 100 studio, one- and two-bedroom apartments.
Elevate will also consider plans for further residential development on the site of the adjacent and redundant multi-storey car park.
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“This is a major acquisition for us and gives us a prestigious site close to Solihull town centre, train station, the NEC and Birmingham International Airport,” said Steve Dodd, managing director at Elevate.
The housebuilder secured the funding for the acquisition and development of the site from Shawbrook Bank.
“In Princes Gate, [Steve and the team at Elevate] have identified and secured a site with great potential in a highly desirable location,” said Terry Woodley, head of development finance at Shawbrook.
“Solihull has a lot to offer, and we think Princes Gate will become a very popular development in the town, so we’re proud to be involved.”