Lloyds’ £27m will fund next phase of city’s tallest residential building
A PROPERTY development set to become one of Birmingham’s tallest buildings has secured £27 million in new funding.
Lloyds Bank Real Estate is backing the construction of the second phase of The Bank, in Broad Street.
The 33-storey building will be 100 metres tall and have 217 apartments along with groundfloor retail and commercial units.
Lloyds Bank has provided London-based real estate investment company Aprirose with a three-year, £27.2 million funding package to help it finish what will be Birmingham’s tallest residential building upon completion. The first phase was completed earlier this year and stands 21 storeys tall with 189 apartments and the second building is due to be finished next year.
Developer Regal Property Group is delivering both schemes and Lloyds also provided £17.8 million to help build the first tower at the site on the corner with Sheepcote Street.
Gary Jones, chief operating officer with Aprirose, said: “We’re proud to be behind the transformation of Birmingham’s skyline as the city continues to grow, cementing itself as a major UK hub.
“As the city’s tallest building The Bank’s second tower is a truly landmark new development.
“The team at Lloyds Bank have worked with us for many years, most recently on The Bank’s first tower.”
Selina Dicker, director of Lloyds Bank Real Estate and Housing, added: “Tower one was the first standalone private rented sector development scheme we backed in the UK.
“Our activity in the sector has grown exponentially since and we’re proud to have continued the journey with Aprirose in Birmingham for what was an even bigger and more significant project.”