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New Monaco proposals set out £275m PRS development

Manchester-based developer Regency Residential has revealed plans for a £275m residential-led project in Birmingham.

Regency is due to submit plans for a new development dubbed New Monaco, which will provide more than 1,000 apartments and townhouses just off Bristol Street in the city centre.

If plans are approved, the project is pencilled in to complete in Q3 2021 with a gross development value of more than £275m.

The developer has taken pre-planning advice from Birmingham City Council and is due to submit a formal application for the project in the coming weeks.

The New Monaco project will sit on the site of the former Monaco House, which has been demolished. It was formerly mooted for a Tesco store, but the supermarket giant pulled out of plans to build on the site in 2015.

Regency Residential was launched in January this year as developer MCR Property Group’s dedicated residential arm.

Other PRS plans under way in Birmingham include the £100m Kent Street Baths development by property firm Camborne Land Investments, which will provide around 500 homes.

Bouygues is also on site at a £50m PRS development on Pershore Street, which is backed by property fund Rockspring.

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