Funding package to support major city centre apartment scheme
A major city centre apartment scheme in Birmingham has secured a new finance package worth almost £18m.
Lloyds Bank Commercial Banking has provided a three-year, £17.8m development facility to real estate investment company Aprirose to help forward fund the construction and purchase of the 22-storey Left Bank scheme on Broad Street.
The private rented sector (PRS) scheme, which is being developed by Regal Property Group, will deliver more than 200 luxury apartments.
The development is the first standalone PRS scheme Lloyds Bank has supported following previous deals for mixed-use projects, including Quintain’s Wembley Park and Canary Wharf’s Wood Wharf.
Left Bank will be Birmingham’s tallest residential building when it completes in 2019. A second 31-storey tower on the site, which will include a further 200 PRS-units, was granted planning permission in March.
Gary Jones, Chief Operating Officer, Aprirose said: “This is our first large-scale UK residential project and we’re excited to be delivering such a strong product into the heart of Birmingham during a period of significant growth for the city.
“Lloyds Bank has supported many of our major investments and projects over the years and so we are pleased to secure their partnership once again for what is one of our most significant developments yet.”
Selina Dicker, Director, Lloyds Bank Commercial Real Estate, added: “New housing is critical for Birmingham as it absorbs the thousands of new jobs being created by big moves to the city by HSBC and HMRC.
“Our facility will help provide a major boost by delivering Left Bank and demonstrates how we are backing the economic success of important cities like Birmingham.”