Goodstone Living has secured more than £100m of debt financing from NatWest and Allied Irish Bank to develop Smith’s Garden, which will comprise 550 modular homes in Digbeth, Birmingham.
A 26-storey landmark tower, manufactured offsite by Elements Europe at its modular factory in Telford, will be built on the 4.2-acre island site.
The scheme also includes amenities such as co-working space, a fitness centre and creche.
Construction will commence imminently and be completed during 2025.
Andy Street, mayor of the West Midlands, said: “Schemes like this help to drive growth and regeneration right across our region.
“Smith’s Garden will be providing high-quality new rental homes with high environmental standards in historic Digbeth – at the same time as creating jobs and opportunities for local people and the wider community.
“It’s great to see modular construction taking centre stage here – with Elements generating highly skilled jobs in Telford in a factory that will power the delivery of thousands of homes in the months and years ahead. It’s also good news that jobs will be created in Digbeth itself during the construction phase. I cannot wait to see this project come to fruition.”
Martin Bellinger, principal at Goodstone Living, said: “Smith’s Garden is one of the largest and most exciting build-to-rent residential projects in the UK and is testament to the evolution of this sector over the past 15 years. We want to show it is not just possible but desirable to build better now, and this helps improve and future proof assets for all of our stakeholders.
“This project also marks an important milestone for Goodstone, which now has almost 1,000 homes under construction and a large pipeline of development opportunities to scale its portfolio by leveraging the market dislocation driven by a higher rates environment and challenges facing the traditional build-to-sell model.”
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