This includes debt financing from NatWest and Homes England via the Home Building Fund to support phase one, which will comprise 605 homes across four blocks.

Aviva Capital Partners has also provided investment in this deal, though the amount is not being disclosed.

The West Midlands Combined Authority (WMCA) has also provided brownfield grant funding, enabling the site’s affordable housing provision to increase to 20%.

A future development phase will deliver a further three blocks, bringing the total number of homes at the development — called Stone Yard — to 995.

Stone Yard will also include a range of amenity spaces for residents, including 24/7 gyms and private dining rooms.

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The buildings will be operated by Moda, with the firm’s sister company Caddick Construction building these properties.

Caddick has already commenced initial work on the site, with completion of phase one expected in 2028.

“Stone Yard is a prime example of how the Agency works collaboratively with both public and private partners to achieve our mission to build much needed new communities that people can be proud to call home,” said Marcus Railing, CIO at Homes England.

“This funding agreement also represents how Homes England works with Mayoral Strategic Authorities by aligning investment, unlocking opportunity and delivering at scale through Strategic Place Partnerships.”