Urban Exposure has completed a £66.9m loan to back Galliard’s mixed-use Timber Yard scheme in Birmingham.
Timber Yard is a mixed-use scheme comprising 379 homes and 6,257 sq ft of ground floor commercial space.
London housebuilder Galliard Homes and regional developer Apsley House Capital are developing the 1.5-acre regeneration scheme on Pershore Street in the centre of Birmingham. Planning was granted for 379 flats in August. Construction started in 2018 and is expected to complete in Q1 2021.
Jonathan Morgan, director of investment and developments at Galliard Homes, said: “We have been overwhelmed by the level of interest and sales achieved at Timber Yard, and Birmingham has undoubtedly emerged as the hottest residential market in the country at present. This is Galliard’s first construction start in the city from a wider portfolio and we are pleased to now be in the delivery phase of this pipeline.”
Randeesh Sandhu, chief executive of Urban Exposure, added: “At a time when Birmingham is expanding rapidly, the need for funding has thus far failed to meet its needs, and so we are proud to have provided £110m of funding for ambitious projects in the region. We have a strong pipeline of projects and look forward to announcing further developments in the region in the coming months.”
Urban Exposure has completed £522m of new loans between its IPO on 9 May and end of 2018. Last year the company also provided a £40.2m senior development finance facility to SevenCapital for a 228-unit residential scheme at St Martin’s place in Birmingham, bringing its total Birmingham investment to £110m.
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