Following on from securing a £100m forward funding deal with Legal & General on its Hockley Mills build to rent development in Birmingham’s Jewellery Quarter, Sir Robert McAlpine Capital Ventures (SRMCV) have initiated the development with construction work starting on site.
Legal & General, on behalf of its Built to Rent (BTR) and Access Development Partnership (a joint venture between Legal & General Capital and PGGM), will fund the site at Hockley Mills.
SRMCV’s sister company, Sir Robert McAlpine, was appointed as contractor for the development and started construction on a 37-month programme in January 2021. Over the course of the programme they will deliver 395: one, two and three bedroom apartments, alongside a new entrance to the Jewellery Quarter train station, 116 car parking spaces and 28,000 sq ft of flexible commercial space for retail, leisure and offices.
John Parnell, Project Director at SRMCV, said: “This deal demonstrates SRMCV’s significant experience of, and desire to invest in the BTR sector. This scheme will allow us to continue to demonstrate that creating value for people, place and project are central to our business. We are delighted to work alongside Legal & General on this landmark development in the heart of Birmingham’s Jewellery Quarter and hope this will be the first of many projects together in this sector.”
Dan Batterton, Senior Fund Manager, BTR, LGIM Real Assets, said: “We continue to invest throughout the UK and demonstrate the need for homes with functional space to work, alongside convenient access to local cultural and leisure amenities. The Hockley Mills development will deliver high-quality, professionally-managed rental accommodation that can help to address the supply demand imbalance in Birmingham.”
Mark Bessey, Regional Manager at Sir Robert McAlpine, said: “In an iconic location, and with excellent train and tram connectivity, Hockley Mills is one of Birmingham’s most attractive new residential and commercial schemes. Significantly, our project design reflects the site’s rich industrial heritage. We’re proud to have secured the contract to develop this superb site and look forward to adding it to our successful track record of creating landmark city buildings built for contemporary life.”