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Lloyds Bank backs Birmingham resi tower with new funding

Real estate team provides £27.2m funding package to investors to help them complete second phase of The Bank

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 ground floor 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 completed earlier this year and is 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.

CGI of The Bank

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 º£½ÇÊÓÆµ hub.

"As the city's tallest building The Bank's second tower is a truly landmark new development.