Ingenious finances £260m Cole Waterhouse scheme
Ingenious Real Estate Finance has signed a £260m bridging loan with Cole Waterhouse to support the development of its Upper Trinity Street scheme in Digbeth, Birmingham.
The mixed-use scheme will deliver 943 for-rent and open-market homes, a public park, a 133-bedroom hotel, 60,000 sq ft of flexible commercial space, car parking and large new areas of public realm.
Ingenious’ bridging loan will aid Cole Waterhouse to acquire the land from multiple private owners, with Auxilium Real Estate acting as the debt broker over a period of 24 months.
Ingenious Real Estate Finance has signed a £260m bridging loan with Cole Waterhouse to support the development of its Upper Trinity Street scheme in Digbeth, Birmingham.
The mixed-use scheme will deliver 943 for-rent and open-market homes, a public park, a 133-bedroom hotel, 60,000 sq ft of flexible commercial space, car parking and large new areas of public realm.
Ingenious’ bridging loan will aid Cole Waterhouse to acquire the land from multiple private owners, with Auxilium Real Estate acting as the debt broker over a period of 24 months.
The site received planning approval from Birmingham City Council in July 2021 for the transformation of the industrial land into a cultural, commercial and residential scheme.
The development is expected to create 600 jobs during the construction phase, deliver £229.5m GVA to the local economy, and will create up to 313 additional jobs once complete.
Cole Waterhouse signed the first tenants last year. They include the world’s first Museum of Youth Culture, Birmingham Music Archive and the Pat Benson Boxing Academy and will occupy more than 15,000 sq ft.
Howard Sefton, senior director of real estate at Ingenious, said: “The facility will enable the acquisition and amalgamation of multiple land parcels of a key development site in Digbeth. The deal paves the way for the transformation of industrial land into a cultural, commercial and residential scheme delivering up to 943 homes, new public park and commercial aspects.”
He added: “We remain cautiously optimistic about the prospects for the real estate sector, particularly the continued demand for residential space. There has been ongoing government support to meet the acute housing shortage in the UK and we are committed to supporting real estate developers with flexible financing solutions to meet demand.”
Cole Waterhouse chief executive Damian Flood said: “Over the course of the next few months we will be further engaging with our preferred contractor network and finalising the construction program for phase one, with an aim to start on site by Q3 next year. We will also be appointing a real estate adviser to support us with marketing the residential offer both locally and internationally.”
Phase one of the development, designed by Corstorphine & Wright, will deliver a portion of the residential elements of the scheme, comprising its build-to-rent housing.
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Image © Cole Waterhouse
