OakNorth supports mixed-use Birmingham scheme with £8.6m loan

OakNorth has completed a £8.6m loan to support the acquisition of a site in Birmingham which is set to be converted into a mixed-use scheme.

The specialist bank provided the facility to a joint venture between Galliard Homes and Apsley House Capital. 

The funding will be used to acquire a 254,400 sq ft vacant site in Birmingham which formerly housed Joseph Chamberlain Sixth Form College.

Damien Hughes, senior property finance director at OakNorth (pictured above), said that both Galliard and Apsley House Capital shared 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 and the [500 units] in Birmingham’s jewellery quarter – both of which we provided the funding for. 

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

Jonathan Morgan, director at Galliard, added that it hoped to secure the planning permission to deliver the mixed-use scheme in an area identified as a priority for regeneration by the city council. 

“To ensure we were able to apply for planning permission within our desired timeframe, we needed to work with a lender who could move as quickly as we could. 

“This meant that OakNorth was the obvious choice.

“We have done several transactions with them now, so they know our business extremely well, and have time and again proven their ability to deliver results quickly.”

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