In partnership with the Lloyds-backed HGP, the parties will also work with lender BGO to develop a new residential development in Birmingham.

The first phase of the Upper Trinity Street development in the Digbeth area of the city will comprise of three build to rent properties. Combined, these will provide 211 new homes.

Overall, Upper Trinity Street has a GDV of £260m and will bring at least 943 homes to the area in total.

Caddick has been appointed as main contractor to the site, with work already commencing on the two-year construction programme. Practical completion is being targeted for 2027.

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“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,” said John McKeon, investment director at HGP. 

“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.”

Damian Flood, CEO at Cole Waterhouse, added: “This is our first JV with the professional team at HGP 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.”

The first phase of the Upper Trinity Street development will regenerate 5.2 acres of industrial land. Over 600 jobs are expected to be created from the construction phase, with 313 additional jobs created once the development is finished.

Nick Jacobs, managing director of Taurus UK added: “The start of construction on the first phase of this superb site feels very significant as it helps activate one of the most important growth areas in Birmingham.

“We are really happy to be working with HGP, CWH, BGO and Caddick. A great team.”