British property investor Goodstone Living has obtained more than £100m ($129m) in debt finance for the development of a modular build-to-rent (BTR) residential complex in Birmingham, UK.
The loan finance has been provided by banks NatWest and Allied Irish Bank and will support the 4.2-acre island site development in Digbeth.
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Branded as Smith’s Garden, the BTR residential development will feature 550 next-generation rental houses based around an acre of private gardens.
Spanning six buildings, Smith’s Garden will include a 26-storey tower, which will comprise co-working spaces, fitness centres, and creches.
The company has also hired a construction partner for the residential project.
Elements Europe’s modular facility in Telford will create the structures off-site.
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By GlobalDataConstruction will see the use of cement alternatives with ground granulated blast furnace slag and locally built, volumetric modular construction. This approach will minimise embodied carbon emissions by more than 30% during the construction process.
It will also cut operating carbon emissions by over 50% by integrating heating and building fabric technology.
Goodstone’s principal Martin Bellinger said: “Smith’s Garden is one of the largest and most exciting build-to-rent residential projects in the UK and is a testament to the evolution of this sector over the past 15 years.
“We want to show it is not just possible but desirable to build better now, and this helps improve and futureproof assets for all of our stakeholders.
“This project also marks an important milestone for Goodstone, which now has almost 1,000 units under construction and a large pipeline of development opportunities to scale its portfolio by leveraging the market dislocation driven by a higher rates environment and challenges facing the traditional build-to-sell model.”
Works at the complex are anticipated to begin in the next few months and be finished by 2025.
