New homes, including those for key workers, and a purpose-built premises for one of the longest established firms in Birmingham’s historic Jewellery Quarter are set to be built thanks to a £6 million funding deal from the West Midlands Combined Authority (WMCA) and the Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP).
The investment will enable work to begin on-site in the spring to replace the existing 1960s building in Tenby Street that is home to Charles Green & Son, a family-run business established in 1824.
A modern manufacturing studio will be built for the company along with 37 one- and two-bedroom apartments, and other commercial space.
Henley-in-Arden-based Rainier Developments Limited is leading the redevelopment with the WMCA providing a £5.3million loan through Frontier Development Capital Ltd (FDC), a fund manager working closely with property developers to arrange investments from the WMCA’s Collective Investment Fund (CIF) and Revolving Investment Fund (RIF).
A further £720,000 of grant funding has been provided by the GBSLEP.
Richard Mees, managing director at Rainier Developments Limited, said: “We have enjoyed working closely with our partners at both the WMCA and GBSLEP to ensure this exciting scheme can be delivered and are grateful for their backing and ongoing support.
“The development will make an important contribution to the growth, development, and heritage of the Jewellery Quarter.
“Not only will we deliver new homes on a brownfield site, including affordable homes for key workers, we are also helping to secure the future of Charles Green & Son. The business has been based in the Jewellery Quarter for nearly 200 years and with new, affordable workspace, the business can remain there for many years to come.”
Tim Pile, chairman of GBSLEP, said: “Our £9 million Unlocking Stalled Housing Sites Programme was specifically designed to support our region’s developers to transform brownfield sites, which may have otherwise been underutilised, into high-quality new communities. Increasing the rate of housing delivery across the GBSLEP area is essential for the economic recovery and growth of our region as well as ensuring our residents have access to a variety of housing.
“This new development will provide exceptional accommodation in one of the city’s most sought after residential areas, while allowing a manufacturer which has been part of Birmingham’s economic fabric for almost 200 years to continue their work here. It is an exciting project, which we are looking forward to seeing come to fruition over the coming months.”
Access to the WMCA funding was provided by the Property Team at Frontier Development Capital Ltd (FDC). FDC continues to work closely with property developers to arrange investments from the WMCA’s Collective Investment Fund (CIF) and Revolving Investment Fund (RIF).
Commenting on the deal, Andy Green, Investment Director at Frontier Development Capital, said: “It’s fantastic to see that a combination of WMCA and GBSLEP funding will bring this scheme forward, at a time where financial support that underpins the regional economy is crucial. It will build sought after apartment living in a much-loved part of the city, whilst retaining the Jewellery Quarter’s heritage as a place of quality manufacturing at the forefront of modern craftmanship.”
Image L-R: Nick Oakley, Head of Property, FDC, Richard Mees, Managing Director, Rainier Developments, Andy Green, Investment Director, FDC (Photo Credit: InPress Images)