Birmingham developer secures £43.5m for resi scheme

Specialist real estate development finance provider Maslow Capital has completed a £43.5m development facility secured against Birmingham-based SevenCapital’s 242-unit residential scheme in Bracknell.

The Grand Exchange will provide 242 residential units and ancillary commercial space separated into two blocks. Block A will deliver 106 units over seven levels of accommodation with a 25% affordable element. Block B will deliver 136 private units over nine levels.

Residents will have access to onsite communal areas including a loft-style workspace, a private bookable event space for hosting guests, gym, bookable spa treatment rooms and landscaped private gardens.

The former brownfield site will offer a car park offering electric car-charging points and 340 Cycle spaces.

Matt Pigram, head of deal origination at Maslow Capital, said: “Covid-19 has materially changed the preferences of tenants across the UK. With young professionals re-evaluating their housing needs and a shift towards remote working, we are seeing a new outflow of movement to well-placed commuter belts across the UK. With its excellent location, high-quality amenities and environmental considerations, this scheme ticks all the boxes for this key demographic.”

Damien Siviter, group managing director at SevenCapital,said: “This is yet again a fantastic partnership with Maslow Capital who we have worked with on previous occasions to deliver our pioneering Birmingham developments.

“The Grand Exchange will offer a brand-new living concept for Bracknell, following the trend of convenient, spacious and amenity-rich town centre homes – which after the past 12 months of lockdowns we expect to prove very popular.”