Stone Yard project will use funding from Natwest and Homes England
Aviva Capital Partners and Moda Group have completed an investment deal for the first, 605-home phase of the Stone Yard build-to-rent regeneration scheme in Birmingham.
Aviva and Moda will develop and operate the homes, which also include 20% of units discounted market rent.
Under the investment deal, debt finance from Natwest will be combined with around £40m from Homes England via its Home Building Fund. The West Midlands Combined Authority has provided brownfield grant funding.
The homes will be built on a four-acre brownfield site next to the Custard Factory workspace complex in Digbeth. The new homes will be complemented by co-working spaces, gyms, studio spaces, lounges and private dining rooms.
The scheme is expected to eventually deliver 1,000 homes.
Caddick Construction, Moda’s sister company, will build the neighbourhood and has commenced initial work on site. Completion of phase one is expected in 2028.
Tony Brooks, executive chair of Moda Group, said: “This milestone is a powerful demonstration of what can be achieved when the public and private sectors work collaboratively to realise a shared, long-term vision for regeneration.”
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