Investors commit £23m as development Forges ahead
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Property investors have committed nearly £23m to a Digbeth development ahead of its planned completion next year.
LH1 London has sold two-thirds of the apartments at The Forge, a 140-apartment scheme at the old Parks Works site on Bradford Street.
Developer Wavensmere Homes plans to release 30 apartments in September for sale to local owner-occupiers ahead of the development’s scheduled completion next April.
Rayna Hunter, global sales director of LH1 London, said: “We have attracted buyers from Asia, the Middle East and Europe.
“With high demand for rental properties in the prime location of the creative quarter, The Forge embodies everything that working professionals and those looking to buy to let are looking for.”
In May the development secured £17.5m funding from Coutts and £3.5m from Frontier Development Capital to support construction.
Hunter said the funding deal was underpinned by the level of advance sales, enabling Wavensmere to “mitigate risk” on the development.
The success at The Forge follows the strong advance sales at Galliard Apsley’s Timber Yard scheme, close by in Birmingham’s Southside district, which generated £50m of sales in its first phase release.