£21m funding to convert industrial estate into homes

A £21.7m funding has been granted by Paragon Bank for a project in Birmingham, aimed at transforming a former industrial site into 111 new residences.

Known as Chapman’s Yard, this initiative is spearheaded by Elevate Property Group, an independent developer based in Birmingham renowned for urban regeneration.

Situated on Upper Gough Street, the site has full planning permission for one and two-bedroom apartments, as well as street-level duplexes.

These units will be complemented by two communal courtyards.

Toby Burgess, relationship director at Paragon Development Finance, said: “We are delighted to support Elevate Property Group with this exciting scheme, which will provide much-needed new homes in a prime location in Birmingham.

“Paragon has a strong track record of funding high-quality developments across the UK, and we are committed to helping our clients achieve their ambitions in a challenging market. Chapman’s Yard is a great example of how we can tailor our finance solutions to meet the specific needs of each project, and we look forward to seeing the progress on site.”

James Costello, managing director of Elevate Property Group, said: “We are incredibly pleased to have secured the funding from Paragon Bank for this major regeneration project, which will create 111 new homes in the heart of Birmingham. We have a long-standing relationship with Paragon, who have been supportive and flexible throughout the process.”