The construction of new apartments in Birmingham is being supported by a funding deal worth £21 million. The new capital has been received by Cedar Invest, who will use the funding to support its project to build 140 new apartments in Digbeth.
The five-storey development, named The Forge, consists of a mix of one- and two-bedroom apartments and a 42-space car park and is set for completion by the end of 2020. Providing new homes for more than 226 residents, Cedar Invest said it had already sold 107 of the 140 homes at the site in Bradford Street.
“The Forge Digbeth is set to be a transformative development in the city, regenerating a currently underutilised piece of land to provide a range of luxury new homes. By securing backing from Frontier Development Capital and Coutts, we have been able to get spades into the ground – a significant milestone for Cedar but also Birmingham as we contribute to its ongoing growth,” said John Whateley, director at Cedar Invest.
The new investment comprises a £17.5 million loan from Coutts and £3.5 million from Frontier Development Capital, with Cedar Invest investing £6 million. The funding has allowed construction to commence at the previously disused ‘Park Works’ brownfield site, supporting more than 300 jobs in the construction phase.
“This investment in Cedar Invest will be crucial in allowing the developer to deliver this flagship development, a strong platform from which it can bring forward more schemes across the Midlands and wider UK. The volume and quality of residential development in Birmingham is on the rise, driven by developers like Cedar Invest. We look forward to working with the team as this scheme takes shape and delivers much-needed homes in the city,” added Nick Oakley, head of property investments at Frontier Development Capital.
Working alongside Cedar Invest on the regeneraion project are GJL Property Developers and BJD.