HGP is a social impact investor backed by Lloyds Banking Group and Homes England to help address housing affordability by providing support to the regional residential development community to increase the number of new homes built in the UK.
HGP has struck a deal with Birmingham-based developer the 10M Group to enable them to build the homes on brownfield land.
The investment in Digbeth follows Homes England’s agreement with development firm Digbeth Loc. Limited and its partners to help bring the MasterChef studios to its Warwick Bar site in the area.
Mike Murphy, HGP Investment Director, said: “This development marks a significant milestone for us and demonstrates that we’re helping developers and housebuilders to build a range of much-needed properties with unique features.
“We’re delighted that these apartments will be in one of the most distinctive parts of our home city because of its connectivity and nearby amenities and with a historic pub next door, we just know the accommodation will be popular.”
The development comprises 39 one and two-bedroom apartments, set across three separate buildings, and all based around an attractive communal courtyard. It will also incorporate neighbouring pub, the Fountain Inn, into the final design.
Russell Townsend, MD of 10M Group, commented: “As a design-led business we couldn’t have made this exciting scheme become a reality without the investment of HGP and the speed and ease of working together. The pub is the icing on the cake, and in addition to using modern methods of construction to make it stand out from other developments, the courtyard will also be a valuable outside space for residents too. We’re looking forward to working together again.”
The agreement between Homes England and Digbeth Loc Limited to bring the MasterChef studios to Warwick Bar supports the West Midlands Combined Authority and Birmingham City Council’s shared vision for the area as an internationally recognised creative hub.
Neil Hook, Director – Projects (Central & West) at Homes England, said: “This deal marks the next step in our commitment to the wider regeneration of Digbeth and is an important milestone in the journey of the Housing Growth Partnership.
“The agreement with The 10M Group will be the 100th investment made by the HGP and is clear evidence of the value public-private partnerships can bring to SME and regional housebuilders’ ambitions.
“Homes England continues to work closely with its public and private sector partners to take forward the regeneration of Digbeth into a thriving neighbourhood and commercial hub for the city’s growing creative sector, building on Digbeth’s industrial heritage and connections to HS2.”