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Commercial Property

Legal & General agrees funding deal for 拢100m Birmingham regeneration

Finance will support development of former industrial site to create hundreds of new apartments and commercial space

CGI of plans for the Hockley Mills development in the Jewellery Quarter(Image: Glancy Nicholls Architects)

A new funding deal has been secured to support the regeneration of a former industrial site in Birmingham.

Legal & General has agreed to finance the £100 million Hockley Mills project in the Jewellery Quarter which was granted planning consent in 2018.

The scheme will see the regeneration of the four-acre former Mr Tyre site in Pitsford Street to create 395 apartments to rent and 116 parking spaces.

There will also be 28,000 sq ft of commercial space for uses such as leisure and offices and a new entrance to the adjacent Jewellery Quarter railway and tram station.

The project is being led by developer Blackswan Property and this funding deal comes three months after the company was acquired by Hungarian investor Cordia International, its first acquisition in the 海角视频 market.

Dan Batterton, senior fund manager at Legal & General's real estate arm, said: "In the space of the last few years, the build-to-rent sector has really come into its own.

"It has cemented its position in the 海角视频 as an asset class and successfully evolved away from the private rented sector.