Plans have been submitted for the erection of two new buildings behind the Equipoint building on Coventry Road, South Yardley, one standing at nine-storeys high and the other ‘stepped down’ building, with sections at seven, five and three-storeys high.
Described as a ‘local landmark’ within the Swan District Centre, the Equipoint building was historically used as offices until 2018, when permission was granted to convert the building from offices to residential use, with 220 apartments in total.
And proposals for the two additional buildings would complete residential development on the site.
Papers from the meeting state: "This scheme represents a second phase of the development site which is located primarily in the existing extensive parking area for the original ‘Equipoint’ building and the principle of the residential development on the ‘brownfield’ site is considered acceptable.
"The site is located within the Swan District Centre, a sustainable location which has excellent access to both public transport and shopping facilities.
"It is considered that the provision of housing will help the council meet housing targets and support sustainable neighbourhoods."
Images show how the buildings could look once completed, with one resembling a ‘lozenge’ and the other a set of steps.
However, the developer will not be obliged to provide 35 percent affordable housing, paper state, due to the cost of initially developing the site.
The papers note: "Given the scale of the proposed development, 35 percent affordable housing should be sought in accordance with the Birmingham Development Plan.
"The developer has provided a financial viability report based on the new development. The report indicates that there are fairly modest capital values which impacts significantly on viability.
"The construction costs are only marginally lower than city centre schemes, but sales values are circa 20 per cent to 30 per cent lower and more than 10 per cent lower than even the more peripheral city centre schemes.
“This has been thoroughly assessed by the Councils’ independent advisors and in this instance, given the low land values, and the resulting development being mainly rental, that the development could only sustain 10 units (7 one-bed and 3 two-bed units ) at 20 per cent discount affordable market rent in perpetuity."
The application is set to be heard on Thursday, October 28.