{"id":35705,"date":"2017-10-16T12:13:55","date_gmt":"2017-10-16T11:13:55","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=35705"},"modified":"2018-02-09T15:36:55","modified_gmt":"2018-02-09T15:36:55","slug":"build-to-rent-development-in-birmingham-gains-funding","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/build-to-rent-development-in-birmingham-gains-funding\/35705\/","title":{"rendered":"Build to rent development in Birmingham gains funding"},"content":{"rendered":"

Financial service Legal & General has agreed to fund a major Birmingham build to rent (BTR) development site known as Newhall Square for \u00a353m<\/h2>\n

The forward funding deal has been agreed with residential developer Spitfire Bespoke Homes and will bring L&G\u2019s<\/a> total pipeline of build to rent units to over 1,700.<\/p>\n

The development has planning permission for 220 residential units, 7,500 sq ft of ground-floor commercial space, a public square and 61 car parking spaces.<\/p>\n

Newhall Square is located between the central business district and the retail\/leisure hub of the Jewellery Quarter.<\/p>\n

Dan Batterton, BTR fund manager at LGIM Real Assets,<\/a> said: \u201cThis development \u2013 in a highly sought-after area of Birmingham\u00a0\u2013 links the industrial heritage of the Jewellery Quarter with the modern business district.<\/p>\n

\u201cThe location is ideally suited to high-quality, affordable and professionally managed rental accommodation that can help to address the supply-demand imbalance in the city.<\/p>\n

\u201cSpitfire was the natural partner to deliver this project as they are known for their design-led approach and have a track record of delivering outstanding quality homes across the UK.<\/p>\n

\u201cGiven the huge infrastructure investment in Birmingham, it has been a target location for us in building a high-quality and well-diversified portfolio of build to rent schemes.<\/p>\n

\u201cWe expect to continue adding schemes and new locations over the coming months.\u201d<\/p>\n

L&G is currently investing some \u00a31bn into the BTR sector and has raised pension fund capital for an open-ended build to rent fund as well as a \u00a3600m joint venture between Legal & General Capital and PGGM<\/a>.<\/p>\n

The company has existing sites in Leeds, Bristol, Bath and Walthamstow as well as a scheme in Salford, which has been home to residents since June.<\/p>\n

L&G has a pipeline of over 70,000 new homes \u2013 across the spectrum \u2013 over the next five to ten years.<\/p>\n

David Jervis, managing director of Spitfire Bespoke Homes,<\/a> added: “As a specialist developer with a reputation for creating unique homes featuring great design and unrivalled attention to detail, we are excited to be working with L&G to bring our expertise and high standards to the BTR sector.<\/p>\n

\u201cDrawing strength from our parent company \u2013 IM Properties<\/a>, a widely respected developer of commercial and industrial properties \u2013 this is a prime opportunity for Spitfire Bespoke Homes to make its mark on the BTR market and extend our offering to a section of the market which is befitting of our own approach to quality homes in great locations .”<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Financial service Legal & General has agreed to fund a major Birmingham build to rent (BTR) development site known as Newhall Square for \u00a353m<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[830,676,572,656,669],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-35705","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-build-to-rent","8":"tag-construction","9":"tag-housebuilding","10":"tag-housing","11":"tag-regeneration"},"acf":[],"yoast_head":"\nBuild to rent development in Birmingham gains funding | Planning, Building & Construction Today<\/title>\n<meta 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