£400m BTR scheme set to deliver 1,000 Digbeth homes

Moda Living and Aviva Capital Partners has revealed its joint venture which will invest in a four-acre regeneration site in Digbeth, for 1,000 build-to-rent homes.

The £400m ‘Stone Yard’ scheme, will transform a brownfield site close to Birmingham New Street Station and HS2 Curzon Wharf. It’s been acquired from Gallagher Developments and Court Collaboration.

This is Aviva Capital Partners’ first move into the build-to-rent sector as it looks to asses further large scale regeneration opportunities across the UK.

John Cummins, CEO of Aviva Capital Partners said: “Birmingham is a fantastic city which we are delighted to be investing in. New, high-quality accommodation is vital for Birmingham to continue to thrive and meet its undoubted potential.

“Aviva and Moda are developing approximately 1,000 high quality homes right in the centre of the city which will boost the local economy and support the UK’s ambition to develop attractive and environmentally-friendly living spaces in our cities.”

Tony Brooks, managing director at Moda Living said: “At Moda we pride ourselves on creating thriving communities where people can live their healthiest, most sustainable lives and this landmark deal with Aviva allows us to deliver this at meaningful scale.

“Partnerships like this are an important part of the solution to the UK’d current housing crisis, facilitating major brownfield regeneration into thousands of new, sustainable homes.

“Stone Yard promises to feature not only our unparalleled resident experience and excellent customer service, but also social value initiatives and investment in skills and training that will benefit the local community for many generations to come.

“Stone Yard is at the heart of the Digbeth regeneration area and as our first scheme in this area of the city, we are very excited to bring it forwards in the coming months and years.”

Sir Tony Gallagher said: “Stone Yard is great news for inward private investment into Birmingham and it will be the first big private sector development coming forward in the Digbeth area.

Speaking of the sale, Anthony McCourt, CEO Court Collaboration, said: “We’re incredibly proud of securing planning for Stone Yard back in 2020, a truly game-changing scheme with a GDV of upwards of £300m. It’s going to be first out of the blocks in Digbeth as the area really begins to flourish following the Metro extension. We look forward to seeing it progress in Moda’s very capable hands and as always, proud of what our JV with Sir Tony Gallagher is delivering for our great Second City.”