M7 Developments has won approval for a 780,000 sq ft mixed-use residential-led development in Solihull in the West Midlands.
It has secured a loan from Merseyside Pension Fund, replacing a UK clearing bank.
The Green will provide 570 homes, including 154 senior living units from McCarthy & Stone, and 145,000 sq ft of commercial space for up to five car dealerships on the 47-acre site.
Hugh Ellingham, chief executive of M7 Developments, said: “The Green is a complex and sizeable brownfield regeneration project and this planning success is a major step forward as we begin to realise our vision for the scheme.”
The Green is on the site of the former headquarters of automotive and aerospace manufacturer Lucas Industries. M7 acquired the site in December 2015 from Prudential. It recently completed the sale of 242 homes in the first phase of the residential development to Persimmon’s Charles Church, which will be delivered in late 2020. Overall completion of the site is expected in 2024.
Merseyside Pension Fund was advised by Mayfair.
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