A NEW FUNDING DEAL FOR MULTI MILLION POUND APARTMENT SCHEME HAS BEEN AGREED
A US investor has agreed a new funding deal for a £302 million apartment project in Birmingham city centre.
Chicago-based Harrison Street, working with its joint venture partners Apache Capital and Warwickshire finance group NFU Mutual, is backing the 722-unit ‘Great Charles Street’ project in the Jewellery Quarter.
The project is being built on a former council car park in Ludgate Hill and will eventually comprise a series of blocks rising to 39 storeys, containing a mix of flats from studios to three-bedroom units.
There will also be a gym and bicycle storage, roof terraces, communal lounges, cinema room and workspace as well as a new public realm and space for retail and hospitality businesses.
Preparatory works have been taking place at the site in recent weeks and an official groundbreaking ceremony is due to be held next week, with the first apartments expected to be available in autumn 2025. Progress on the project follows completion of developer Moda Living’s 42 storey Merican scheme in Broad Street last summer.
Chief executive Johnny Caddick said: “This is a huge moment for Moda Living, securing what is the market’s largest-ever regional deal for a build-to-rent asset. It’s testament to the teamwork of our team and partners Harrison Street, NFU Mutual and Apache Capital that have worked tirelessly to overcome multiple headwinds and get this over the line.
Birmingham is a key city for Moda Living and another scheme with all the fundamentals that create an incredible place for residents to live.”
Harrison Street is an investment firm with around £44 billion in assets under management.
Its specialist build-to-rent joint venture with Apache Capital and NFU Mutual was formed in 2018 and Great Charles Street is now the sixth development it has supported including The Mercian, representing around 3,050 homes.
Paul Bashir, chief executive of Harrison Street’s European business, added: “We’re thrilled to expand our partnership with Apache and Moda Living to bring this development to Birmingham.
The Birmingham market is backed by strong demographics, with the greatest concentration of businesses outside of London and home to many leading universities. This transaction underscores our continued efforts to invest in premium build-to-rent assets in leading markets across Europe.”