The £260m development scheme will house historic artefacts and 943 new homes
Ingenious Real Estate Finance has completed a bridging loan deal with Cole Waterhouse in support of its development of the £260m Upper Trinity Street in Digbeth, Birmingham. The mixed-use scheme promises to deliver 943 homes and a new, one-acre public park for the city.
The bridging loan, over 24 months, enables the acquisition of land from multiple private owners. Auxillium Real Estate acted as the debt broker.
The purchase and bridging loan agreement came after Birmingham City Council granted planning permission in July 2021 for the transformation of the 5.11-acre industrial land into a cultural, commercial, and residential scheme. It includes the creation of Pump House Park, which will feature Birmingham’s historic artefacts such as a functional Boulton and Watt pump house and engine and the Lock Keeper’s Cottage, alongside the canal.
Cole Waterhouse has since announced the first tenants of Upper Trinity Street, including the world’s first Museum of Youth Culture, the Birmingham Music Archive, and Digbeth’s Pat Benson Boxing Academy, which together will occupy just over 15,000 square feet of space.
In addition, the development will deliver rentable and open market sale homes with roof gardens, a 133-bedroom hotel, 60,000 square feet of flexible commercial space, car parking, and a network of landscaped yards, squares, and what’s described as hidden nooks. Phase one will see the construction of build-to-rent housing as part of the scheme’s residential space.
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