Homes England, in collaboration with NatWest and the West Midlands Combined Authority (WMCA), is supporting a rental community of nearly 1,000 homes in Digbeth, Birmingham
In collaboration with Aviva and Moda, the funding from NatWest and Homes England via the Home Building Fund, will unlock phase 1 of the Stone Yard project, which will see four housing blocks built to deliver 605 new homes.
Additional funding from the WMCA is providing a grant to construct the scheme on a brownfield site, which will allow 20% of the homes on-site to be affordable. This will be spread throughout the development.
Sustainable certifications
The development will also aim to achieve certifications from Fitwel, the Home Quality Mark, and BREAAM, marking environmental and sustainability commitments.
Future phases will see the construction of three more blocks, bringing the total number of new homes to 995.
Homes England Strategic Place Partnerships
Homes England is supplying a debt fund worth roughly £40m. Last year, with the WMCA, Homes England signed a Strategic Place Partnership (SPP), aligning the two organisations’ aims to build new houses and encourage growth and regeneration in the area, including in the East Birmingham and North Solihull corridor.
In May, Homes England also signed an SPP with the West of England Mayoral Combined Authority to fund several projects in their respective authorities.
The rental scheme champions community
The homes will be built with amenity spaces for all residents, including co-working spaces, 24/7 gyms, studio spaces, lounges, and private dining rooms.
Commercial units, landscaped public areas, and better links to Digbeth’s local attractions will also be constructed.
Marcus Railing, chief investment officer at Homes England, said: “As the government’s housing and regeneration agency, our aim is to support public and private sector partners to unlock strategic housing sites, and we are committed to supporting stakeholders of all sizes to achieve their ambitions.
“Stone Yard is a prime example of how the Agency works collaboratively with both public and private partners to achieve our mission to build much needed new communities that people can be proud to call home.
“This funding agreement also represents how Homes England works with Mayoral Strategic Authorities by aligning investment, unlocking opportunity and delivering at scale through Strategic Place Partnerships.”
Sophie White, regeneration sector lead at Aviva Capital Partners, said: “We’re delighted to be working with Moda to provide high quality accommodation in Birmingham, helping to support the local economy and beyond. The partnership with NatWest, Homes England and WMCA has been critical in getting the scheme underway for this key brownfield site in Digbeth.
“Sustainability is at the heart of this development, with community and affordability critical elements helping to ensure it supports the local area to get ready for the future.”
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