A property developer has secured a new £16.5 million funding package to support its acquisition of a Birmingham regeneration site.
London-based Kings Crescent Homes has bought the derelict land in Legge Lane, in the city’s Jewellery Quarter, where it is planning to build 100 one- and two-bedroom apartments.
The scheme, which will be named Scholar’s Quarter, is located next to another of the company’s developments, called Copperworks, which will contain 117 residential units.
Work on Scholar’s Quarter will commence imminently and is expected to be completed in 2023, with the 100 units spread across seven interconnected buildings.
The site has remained unused since it ceased being a home for industrial companies in the 1970s when it was a series of brass works, including Albion Works and Wellington Works.
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The plot, along with other parts of Legge Lane, has long been the target of developers while locals have called for the unsightly area to be regenerated.
Nick Harvey-Jones, director and co-founder of Kings Crescent Homes, said: “2022 is an exciting year for Birmingham, especially as it hosts the Commonwealth Games.
“Generally, there’s a real buzz about the city due to the massive ongoing infrastructure developments connecting it more quickly to London and other major northern cities, and of course the big regeneration projects such as Paradise Circus close to the site and completing in the next few years.
“With phase one of Copperworks completing in early 2022, and already 80 per cent sold, we’re excited to start work on the Scholar’s Quarter scheme which we’re confident will be equally as popular.”
Rebecca Murphy, relationship director with Paragon bank which supplied the new funding, added: “Kings Crescent Homes is building an excellent reputation for delivering high-quality projects that are perfectly suited to their target demographic.
“The Jewellery Quarter is a treasured area of Birmingham and within a conservation zone. Developments need to be sympathetic to the history of the area and this scheme certainly delivers.”