FDC is delighted to be nominated for the Development Funding Award for supporting one of Rainier Developments’ Birmingham schemes. Supporting the Strategic Land and Property Developer, FDC provided a £6.95m loan from the West Midlands Combined Authority’s Residential Investment Fund (WMCA RIF) for the construction of 37 new build apartments and 6,800 sqft of new build commercial space to facilitate the relocation of a long-established jeweller.
Construction on the commercial unit started just over a year ago, creating the new home for the family-run jewellery business Charles Green & Son, which was founded in 1824. Alongside their new modern manufacturing studio in the iconic Jewellery Quarter, the scheme will also create 37 one and two-bedroom apartments.
Andy Street, West Midlands Mayor, and chair of the WMCA, commented: "Brownfield first regeneration is imperative given the sites that we have in our region and this scheme is a great example of just that. It is helping a well-established company by creating modern and more appropriate business premises and at the same time creating much-needed housing, of which a proportion is affordable. It is using the space imaginatively, breathing new life into a brownfield site which will serve a very useful purpose for decades to come."
Once complete, the development will provide the Jewellery Quarter with 37 new apartments, of which 9 are allocated for affordable / key workers, a new state of the art manufacturing facility for Charles Green & Son, a 200-year-old Jewellers and regenerating 0.33 acres of brownfield land.
Schemes also shortlisted for awards that FDC have supported include Stoford Developments (Office Deal of the Year – Sandvik), Stoford Developments (Development Funding Award – Shidas Lane, Oldbury) and Barberry Developments (Industrial Deal of the Year – Well Lane).
Stoford Developments received a £5 million loan from the WMCAs Commercial Investment Fund (CIF) which was provided by FDC. The loan enabled the development of a new 18,000 sqft office / industrial unit in Halesowen built for Sandvik Coromant’s UK Headquarters. Modern construction methods were used at the development with ESG at the forefront resulting in the completed unit featuring solar panels, rainwater harvesting systems and 26 EV car charging points.
FDC also supported Stoford Developments with WMCA funding for a multi-million-pound ambulance service hub for West Midlands Ambulance Service (WMAS). The development supported a 55,000 sqft hub, located in Shidas Lane, in Oldbury. The funding also helped create 450 jobs over the coming years and regenerated 7 acres of toxic brownfield land.
Barberry Developments received a £3 million loan for their Well Lane, Wolverhampton scheme provided by FDC from the WMCAs CIF. This loan saw Barberry undertake the speculative development to deliver 55,575sqft of Grade A industrial space. The building included 10-metre eaves, 2,965 sqft of internal offices, 45 car parking spaces and a 50-metre yard. The unit completed at the start of the year and is now in occupation with Barberry expertly leasing the unit pre completion.
FDC wishes good luck to everyone on the shortlist and we are looking forward to celebrating and recognising all individuals and businesses that have excelled in their fields and provided outstanding developments for the region. The Midlands Props Awards helps raises funds for Variety, the Children’s Charity.
The WMCA CIF / RIF was established to support property developers' in bringing forward much needed residential developments and keeping up with strong industrial development demand across the West Midlands. The fund provides property developers with funding up to £20 million for eligible developments. The CIF / RIF promote brownfield land regeneration and also speculative development, aiding in bringing inward investment and employment into the West Midlands region.
Nick Oakley, Head of Property Funds at FDC said, “We are extremely pleased to be nominated for the Development Funding Award at this year's Midlands Props Awards, especially with such a significant deal.
“The deal will provide further apartment living in a much-loved part of the city whilst retaining the heritage of the Jewellery Quarter as a place of quality manufacturing. This deal is a great example of how our funds can support developments across the West Midlands and how it can help to breathe new life into brownfield sites.”
If you would like to find out more information about the Residential Investment Fund and Commercial Investment Fund or would like to discuss, please get in touch or download our Property Funding Pack.