Homes England has agreed a £7.45m loan to support the development of the first of 1,150 homes at Port Loop on the edge of Birmingham City Centre
The first phase of the Icknield Port Loop scheme will provide a mix of 77 modular built and traditionally constructed homes on this large brownfield site.
The funding will support the partnership Homes England has formed with developers Urban Splash and Places for People, to deliver regeneration and create a new community on this key site in Birmingham.
Phase 1 of the development will include a new park, improved canal towpath and 77 homes built around shared gardens. In addition to the 37 traditionally built properties, there will be 40 modular homes, which can be customised by customers. Once constructed, the homes will be craned into place on site, minimising construction time on site and speeding up the build process.
The wider scheme is being coordinated by Urban Splash and Places for People, whose joint venture is working in partnership with the original landowners, Birmingham City Council and Canal & Rivers Trust.
The communities secretary, James Brokenshire, said: “This government is committed to making the dream of homeownership a reality for a new generation as we power through to delivering 300,000 homes a year by the mid-2020s.
“Birmingham’s Port Loop is a great example of how our £4.5bn Home Building Fund is helping to meet the triple challenge of delivering more, better, faster home construction, as well as revving a strong and prosperous Midlands Engine.”
Ian Martin, head of investment in the Midlands for Homes England commented: “The sheer scale of the scheme provides the opportunity to build a whole new community and will be one of the largest regeneration schemes in the Midlands. This will provide a much needed boost to the region’s housing stock, which is exactly what the Home Building Fund was established to do.”
Adam Willetts, speaking on behalf of the partnership added: “Port Loop is one of the most exciting regeneration developments in the country and we are delighted to be delivering the first of many homes there.
“We are also on site creating new public realm space in the form of a one-acre park, as well as progressing our plans for the broader area. We are delighted to receive the support of Homes England for our plans.”