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Investment set to deliver new homes as well as renovation for long-standing business in Birmingham

todayMarch 20, 2021

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New homes, including those for key workers, and a purpose-built premises for one of the longest established firms in Birmingham’s historic Jewellery Quarter are set to be built thanks to a £6 million funding deal from the West Midlands Combined Authority (WMCA) and the Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP).

Without this critical investment by the WMCA, the scheme could not have proceeded. It will enable work to begin on-site in the spring to replace the existing 1960s building in Tenby Street. The building is home to Charles Green & Son, a family-run business established in 1824.

Henley-in-Arden-based Rainier Developments Limited is leading the redevelopment with the WMCA providing a £5.3million loan through Frontier Development Capital Ltd, a fund manager working closely with property developers to arrange investments from the WMCA’s Collective Investment Fund and Revolving Investment Fund.

Richard Mees, managing director at Rainier Developments Limited, said: “Not only will we deliver new homes on a brownfield site, including affordable homes for key workers, we are also helping to secure the future of Charles Green & Son. The business has been based in the Jewellery Quarter for nearly 200 years, and with new, affordable workspace, the business can remain there for many years to come.”

The WMCA has made a series of such investments throughout the pandemic as part of a massive, region-wide urban renewal programme to unlock stalled brownfield sites for new homes and jobs and drive a green economic recovery from Covid-19. 

A minimum of 20% of the homes will be classed as affordable under the WMCA’s regional definition of affordability, linked to real-world local wages rather than property prices. Also, £720,000 of further grant funding has been provided by the GBSLEP.

Tim Pile, chairman of GBSLEP, added: “This new development will provide exceptional accommodation in one of the city’s most sought after residential areas while allowing a manufacturer which has been part of Birmingham’s economic fabric for almost 200 years to continue their work here. 

“It is an exciting project, which we are looking forward to seeing come to fruition over the coming months.”

 

Written by: David Watkins

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