{"id":2027028,"date":"2019-03-04T14:35:43","date_gmt":"2019-03-04T14:35:43","guid":{"rendered":"http:\/\/www.thebusinessdesk.com\/westmidlands\/?p=2027028"},"modified":"2019-03-05T08:25:16","modified_gmt":"2019-03-05T08:25:16","slug":"specialist-funder-backs-major-city-centre-development","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/westmidlands\/news\/2027028-specialist-funder-backs-major-city-centre-development","title":{"rendered":"Specialist funder backs major city centre development"},"content":{"rendered":"<p>The development of Timber Yard in Birmingham&#8217;s Southside has been supported by a \u00a367m financing package from specialist finance provider Urban Exposure.<\/p>\n<p>Timber Yard will see 379 apartments built on Pershore Street by a joint venture between Galliard Homes and Apsley Capital. The official groundbreaking took place in January and the development is scheduled to be completed in 2021.<\/p>\n<div id=\"attachment_2026113\" style=\"width: 310px\" class=\"wp-caption alignright\"><img decoding=\"async\" aria-describedby=\"caption-attachment-2026113\" class=\"size-medium wp-image-2026113\" src=\"http:\/\/www.thebusinessdesk.com\/_files\/images\/jan_19\/IMG_5291-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" \/><p id=\"caption-attachment-2026113\" class=\"wp-caption-text\">Gerard Nock, chairman of Apsley House Capital, and Cllr Ian Ward at the ground-breaking ceremony for the Timber Yard development in January 2019<\/p><\/div>\n<p>Three-quarters &#8211; 219 apartments &#8211; of the scheme&#8217;s East Block are currently under offer, and the scheme&#8217;s partners are confident of continued interest as the building takes shape.<\/p>\n<p>Urban Exposure floated on the Alternative Investment Market last May and completed more than \u00a3500m of new loans before the end of 2018.<\/p>\n<p>\u00a3110m of that total was into Birmingham, with Urban Exposure also providing \u00a340m to Seven Capital&#8217;s scheme at St Martin&#8217;s Place at Five Ways.<\/p>\n<p>Randeesh Sandhu, chief executive of Urban Exposure, said: &#8220;At a time when Birmingham is expanding rapidly, the need for funding has thus far failed to meet its needs, and so we are proud to have provided \u00a3110m of funding for ambitious projects in the region so far.<\/p>\n<p>&#8220;We have a strong pipeline of projects and look forward to announcing further developments in the region in the coming months.&#8221;<\/p>\n<p>The Galliard Apsley Partnership is working on five sites in the city, alongside schemes at St Paul\u2019s Quarter, Soho Wharf, Camden Yard and Belgrave Middleway.<\/p>\n<p>The partners have the aspiration of developing 3,000 homes over five years and believe this can be comfortably achieved with the addition of two unnamed sites that are currently under consideration.<\/p>\n<p>Jonathan Morgan, director of investment and developments at Galliard Homes, added: &#8220;We have been overwhelmed by the level of interest and sales achieved at Timber Yard, and Birmingham has undoubtedly emerged as the hottest residential market in the country at present.<\/p>\n<p>&#8220;This is Galliard\u2019s first construction start in the city from a wider portfolio and we are pleased to now be in the delivery phase of this pipeline.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a367m funding package in place for Southside residential scheme<\/p>\n","protected":false},"author":18,"featured_media":2023138,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"coauthors":[81],"class_list":["post-2027028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-featured-story"],"yoast_head":"<!-- This site is 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