Multimillion-pound funding deal paves way for houses and new premises for historic Jewellery Quarter business
New homes, including those for key workers, and a purpose-built premises for one of the longest established firms in Birmingham’s Jewellery Quarter are set to be built thanks to a £6m funding deal.
The investment from the West Midlands Combined Authority (WMCA) and the Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP)
will enable work to begin on-site in the spring to replace the existing 1960s building in Tenby Street that is home to Charles Green & Son, a family-run business established in 1824.
A manufacturing studio will be built for the company along with 37 one- and two-bedroom apartments, and other commercial space.
Henley-in-Arden-based Rainier Developments is leading the redevelopment with the WMCA providing a £5.3m loan through Frontier Development Capital (FDC), a fund manager working closely with property developers to arrange investments from the WMCA’s Collective Investment Fund (CIF) and Revolving Investment Fund (RIF).
A further £720,000 of grant funding has been provided by the GBSLEP.
Richard Mees, managing director at Rainier Developments, said: “We have enjoyed working closely with our partners at both the WMCA and GBSLEP to ensure this exciting scheme can be delivered and are grateful for their backing and ongoing support.
“The development will make an important contribution to the growth, development, and heritage of the Jewellery Quarter.
“Not only will we deliver new homes on a brownfield site, including affordable homes for key workers, we are also helping to secure the future of Charles Green & Son. The business has been based in the Jewellery Quarter for nearly 200 years and with new, affordable workspace, the business can remain there for many years to come.”
Andy Street, Mayor of the West Midlands and chair of the WMCA, added: “This is the latest example of how the WMCA has continued to invest tens of millions of pounds throughout the Covid-19 pandemic to provide market confidence and regenerate brownfield land for new homes and jobs.
“It’s also fantastic that the WMCA and GBSLEP have been able to step in and work with Rainier to keep this historic family business where it belongs – in the Jewellery Quarter.
“Firms like Charles Green are what makes Birmingham and the wider West Midlands tick. They are a wonderful example of our region’s craftsmanship and enterprise and we cannot afford to lose that heritage. It will be the small and medium-sized businesses like Charles Green that will be the backbone on which our economic recovery from Covid-19 will be built.”
Tim Pile, chairman of GBSLEP, said: “Our £9m Unlocking Stalled Housing Sites Programme was specifically designed to support our region’s developers to transform brownfield sites, which may have otherwise been underutilised, into high-quality new communities. Increasing the rate of housing delivery across the GBSLEP area is essential for the economic recovery and growth of our region as well as ensuring our residents have access to a variety of housing.
“This new development will provide exceptional accommodation in one of the city’s most sought after residential areas, while allowing a manufacturer which has been part of Birmingham’s economic fabric for almost 200 years to continue their work here. It is an exciting project, which we are looking forward to seeing come to fruition over the coming months.”
Richard Mees, managing director of Rainier Developments, Andy Street, Mayor of the West Midlands Mayor and Tim Pile, chairman of GBSLEP at the Tenby Street site.
