Specialist bank supports major resi development in Birmingham

OakNorth has completed a £9.4m loan to the joint venture between Galliard Homes and Apsley House Capital to deliver around 500 new homes in Birmingham.

The joint venture aims to convert a 92,472 sq ft commercial space on Summer Hill Rd into approximately 500 new homes.

The site is located within Birmingham’s Jewellery Quarter, which has been known as a global centre for jewellery crafting for over 250 years and is a conservation area with more than 200 listed buildings.

“…We hope to secure the planning permission needed to deliver hundreds of new high quality and affordable homes in an area that continues to strengthen as a centre for financial and business services, said Jonathan Morgan, director at Galliard.

“The team at OakNorth were able to complete the deal in a matter of weeks which was essential in enabling us to apply for planning permission within our timeframe.”

Damien Hughes, senior property finance director at OakNorth, added: “Both Galliard and Apsley House Capital share Birmingham City Council’s vision of it being a great place in which to live and work.

“Over the last five years, they have assembled a residential portfolio in the city with a potential GDV in excess of £500m, including the 750-unit Soho Loop site which we provided them funding for last year.

“We’re delighted to be working with them both again and wish them the best of luck in their application for planning permission.”

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