£13.3 million secured for ex-lab apartments

DEVELOPERS have secured a £13.3 million finance facility to support the regeneration of a former forensics lab in Birmingham.

Elevate Property Group is planning to convert Priory House in the Southside district to create 79 apartments.

It recently acquired the building from Rainier Developments which itself only bought the site from The Gooch Estate 14 months ago.

Elevate Property has agreed a new development loan with Paragon Bank to support the project which is due to complete in spring 2022. This is Paragon’s first deal with Elevate, with others in the pipeline according to the Solihull-based bank.

Priory House, which sits at the corner of Kent Street and Gooch Street North, was constructed in the 1950s and covers 77,000 sq ft across seven storeys.

It was home to the Forensic Science Service for more than 40 years before it closed in 2011.

> Plans by Elevate Group to convert Priory House in Birmingham into 79 apartments

Steve Dodd, managing director of Elevate Property Group, said: “We’re excited to bring this landmark development to Birmingham.

“The Southside area is already a popular location in which to live and socialise but it is due to undergo further transformation in the coming years and become a real focal point for the city.”

Toby Burgess, Paragon Bank’s development finance relationship director, added: “Elevate Property Group is a successful and experienced developer which we are delighted to be supporting on their development of Priory House.

“We look forward to working with Steve and his team as they transform this former commercial building

into 79 new homes in the heart of Birmingham as well as further assisting them on upcoming projects in their pipeline.”

Elevate Property is behind the conversion of Concord House in Holloway Head and is this year working on five sites across the Midlands, bringing a total of 512 properties to the market.