Coutts provides £17.5m for regeneration of former Digbeth button factory
GJL Property Developers will build 140 apartments in Digbeth following a £17.5m funding package agreed with the commercial banking division of Coutts, the wealth manager and private bank.
The creation of the new high-spec apartments, which will be a selection of one and two bed properties, will see the transformation of a former button factory.
Historically, Digbeth was a heavily industrialised area, home to famous manufacturers including Typhoo Tea and Birds Custard. Now known as a district in Birmingham City Centre, the area continues to redevelop as part of the city’s “Big City Plan” and has seen a number of old industrial buildings undergo renovation into residential, retail, offices and arts facilities.
Simon Walden, director, Coutts Real Estate Finance, said: “GJL is a long-standing and respected client of our commercial banking business, whom we have funded on a number of previous projects successfully. This development is exactly the sort of project we love to support. The finance aligns not only with tackling the city’s housing shortage, but with our own desire to help clients not only achieve their financial goals, but also deliver a benefit to society.”
The housing development, called ‘The Forge Digbeth’ is situated under 10 minutes’ walk to both Birmingham New Street and Moor Street stations and is already well underway. To date, GJL has already achieved 80% pre-sales with current forecasts predicting a final completion date of March 2021.
John Whateley of GJL Property Developers, said: “We are very grateful to Simon and the team at Coutts for supporting us on this project. We have worked with Coutts on a number of previous projects and have always appreciated their guidance, understanding and flexible approach to funding of each of our developments. The Forge Digbeth is particularly exciting. To be regenerating such an iconic part of the city which is already attracting so many visitors and new residents is extremely rewarding. We’re delighted to be able to give back to this wonderful city and looking forward to seeing Digbeth continue to blossom in the near future.”
