Development site set to deliver £260m scheme acquired by Cole Waterhouse

Investment and development firm Cole Waterhouse has completed the acquisition of a development site in Digbeth, which will now be home to the creation of Upper Trinity Street.

The £260m mixed-use Upper Trinity Street scheme is set to deliver 943 homes and a public park named Pump House Park after receiving planning permission in July 2021. Plans designed by Corstorphine & Wright also feature working space, roof gardens, a 133-bedroom hotel, 60,000 sq ft of flexible commercial space and car parking.

Cole Waterhouse has entered into an agreement with debt facility provider Ingenious to acquire the land from multiple private owners, with Auxillium Real Estate acting as the debt Broker.

Last year Cole Waterhouse signed the first tenants at Upper Trinity Street including the world’s first Museum of Youth Culture, Birmingham Music Archive and Digbeth’s Pat Benson Boxing Academy which together will occupy over 15,000 sq ft of space.

The development of Upper Trinity Street is expected to create 600 jobs during the construction phase, deliver £229.5m GVA to the local economy and will create up to 313 additional jobs once built.

Speaking about the acquisition, Damian Flood, CEO at Cole Waterhouse said: “With the land now successfully acquired, we look forward to the delivery of this major mixed-use Scheme.

“Over the course of the next few months we will be tendering the construction contract for phase one, and aim to start on site by Q3 next year. We will also be appointing a real estate adviser to support us with marketing the residential offer both locally and internationally”.

Simon Delahunty, Assistant Director Development Planning & Development at Birmingham City Council added: ““The announcement that Cole Waterhouse and its funding partners have now acquired the land to bring forward Upper Trinity Street is very welcome news for the city of Birmingham. We look forward to seeing their plans emerge and to witness the transformation of this area of Digbeth with investment for new homes, spaces for people to enjoy and places for people to work.”

Phase one will see the development of a portion of the residential element of the scheme comprising build-to-rent housing.