JV formed to deliver £260m Digbeth development
A joint partnership has formed to deliver a £260m mixed-use scheme in Digbeth.
Investment and development firm Cole Waterhouse has formed a second JV with the UK arm of Taurus Investment Holdings, to bring forward Upper Trinity Street.
The development is set to deliver of 943 homes and a new public park for Birmingham named Pump House Park after receiving planning permission in July 2021.
Plans designed by Corstorphine & Wright also feature working space, roof gardens, a 133-bedroom hotel, 60,000 sq ft of flexible commercial space and car parking. It will give permanent homes to the Pat Benson Boxing Academy, the Museum of Youth Culture and the Birmingham Music Archive.
The JV says it now intends to appoint an investment agent and seek funding partners to deliver the first two phases of the scheme. More than 600 jobs are set to be created during the construction phase and up to 313 additional jobs once built.
The 5.2 acre industrial site was acquired by Cole Waterhouse in October 2022 alongside debt facility provider Ingenious and Auxillium Real Estate acting as debt broker.
Taurus, a US-based global private equity real estate firm will be working with Cole Waterhouse through its UK arm, Taurus RE Investment. The firm has been operating for more than 45 years in the multifamily, office, logistics, mixed-use, and renewable energy sectors.
Peter A. Merrigan, CEO of Taurus Investment Holdings said: “Today’s announcement is another step in meeting the UK’s growing demand for value-add development opportunities.
“Birmingham is an exciting place to invest as it represents one of the UK’s strongest regional economies, is a destination of choice for students, and has proven the ability to retain extensive growth thanks to the presence of industries, like technology, finance and media.”
Nick Jacobs managing director of Taurus UK said: “Cole Waterhouse has designed another great scheme and we are delighted to be working with them once again on a second high quality venture.
“It allows us to continue our focus on investing equity in development and investments in the UK, despite the difficult economic headwinds that 2022 presented. We continue to have a pipeline of interesting projects coming forward and choose to work with best in class partners such as Cole Waterhouse.”
Speaking about the acquisition, Damian Flood, CEO at Cole Waterhouse commented: “This is our second joint venture with Taurus and we are excited that they have selected Cole Waterhouse and UTS as their second BTR targeted development in the UK.
“There has been a huge collaborative effort from the stakeholders including the City Council, the local community of Digbeth, the Canal & River Trust and our project team”.
