£60m JV to kickstart first phase of 940-home development
The first phase of a £260m residential development in Digbeth is taking a major step forward through a newly formed joint venture.
Cole Waterhouse and Taurus Investment (through its UK branch, Taurus UK) have partnered with Housing Growth Partnership (HGP) and real estate lender BGO, in a £60m joint venture to deliver the first phase of the Upper Trinity Street project.
The first phase includes three build-to-rent buildings, providing 211 new homes. Caddick has been appointed as the main contractor, with construction already underway and completion expected by spring 2027.
HGP, an equity investor in the UK Living sector, was formed in 2015 as a joint venture between Lloyds Banking Group and Homes England. It has invested more than £472m in residential developments across the UK and has committed to delivering more than 12,300 new homes across BTR, PBSA, open market, retirement living, and regeneration schemes.
Designed by Corstorphine & Wright, Upper Trinity Street is a £260m mixed-use development set to bring 943 homes and a new public park to Birmingham.
Overall, the project is expected to generate 600 jobs during construction and an additional 313 once completed.
As part of the first two phases, a 5.2-acre industrial site will be transformed into a cultural, commercial and residential hub. Key features include permanent spaces for the Pat Benson Boxing Academy, the Museum of Youth Culture and the Birmingham Music Archive, alongside Pump House Park and the restored historic lockkeeper’s cottage.
Damian Flood, CEO at Cole Waterhouse said: “Entering into a contract with Caddick enables us to undertake this exciting project with Taurus, Housing Growth Partnership and BGO. This is our first Joint Venture with the professional team at Housing Growth Partnership, and we are all excited to bring forward the first phase of UTS, which will be one of the catalysts for the further regeneration of Digbeth, demonstrating our confidence in delivering much-needed housing in this key part of the city.”
John McKeon, investment director at HGP said: “We are delighted to be partnering with Cole Waterhouse and Taurus in helping to bring forward this exciting development which will help meet an unmet demand for housing in Digbeth and create a vibrant local community. Cole Waterhouse and Taurus have a strong track record of delivery in the sector and we look forward to working together to support future opportunities.”
Auxilium Real Estate advised on the debt for the joint venture between Cole Waterhouse and Taurus Investment, HGP and BGO.
