The proposed ‘transformational low-carbon vertical village’ and public realm is planned for a site in Southside, a district in Birmingham’s city centre
A build-to-rent (BTR) residential project in Birmingham being developed by Sir Robert McAlpine has secured £100m in funding.
Project backers Legal & General has announced a funding agreement of £100m for the development site at Hockley Mills, located in Birmingham city centre’s Jewellery Quarter. The deal was done through L&G’s BTR joint venture with Dutch pension fund PGGM.
L&G said that, as the coronavirus pandemic was driving change and causing a “fundamental rethink of many areas of the real estate sector, BTR has continued to deliver a stable income return throughout the crisis.”
It added that sites such as Hockley Mills were “well-placed to benefit from some of the household behavioural trends and preferences emerging through the coronavirus pandemic”. These include the “need for homes with functional space to work, alongside convenient access to local cultural and leisure amenities”.