£17.8m funding deal to create 22-storey block
A RESIDENTIAL development in Birmingham city centre has received a boost after Lloyds Bank backed the project with £17.8 million in new funding.
Lloyds has provided a three-year development facility to Londonbased investor Aprirose to help forward fund the construction and purchase of the 22-storey, private rented sector (PRS) project off Broad Street.
Called Left Bank, it is being developed by Regal Property Group and this first phase will contain 189 apartments for rent alongside ground floor retail space.
The plot, on the corner with Sheepcote Street, next to Brindleyplace, was once going to house the 56-storey Regal Tower but the project never came to fruition.
It is now being developed in two phases, the first of which is well under way, while the second phase, a 31-storey tower containing 205 apartments, was approved in March.
The second phase was originally going to contain an 18-storey hotel run by Spanish brand Innside but Regal Property Group decided to resubmit the plans late last year to make it all residential.
The development is the first standalone PRS scheme that Lloyds Bank has supported.
Gary Jones, chief operating officer from Aprirose, said: “This is our first large-scale UK residential project and we’re excited to be delivering such a strong product into the heart of Birmingham during a period of significant growth for the city.
“Lloyds Bank has supported many of our major investments and projects over the years and so we are pleased to secure their partnership once again for what is one of our most significant developments yet.”
Selina Dicker, director of Lloyds Bank’s commercial real estate team, added: “New housing is critical for Birmingham as it absorbs the thousands of new jobs being created by big moves to the city by HSBC and HMRC. Our facility will help provide a major boost by delivering Left Bank and demonstrates how we are backing the economic success of important cities like Birmingham.”