Goodstone backs Digbeth scheme for first acquisition

Start up build to rent developer Goodstone has purchased its first development, a 500-home scheme in Digbeth, Birmingham, from housebuilder Eutopia Homes.

Goodstone was set up at the start of this month by the former Essential Living co-founders Darryl Flay and Martin Bellinger, backed by Australian investment bank Macquarie, with plans to raise £1bn in debt and equity.

Eutopia secured planning permission for the four-acre Camp Hill Gardens scheme in March. The development includes co-working areas, 22,000 sq ft of landscaped private gardens and rooftop terraces, as well as additional commercial and retail space to be let at a discount to local businesses.

The Darling Associates-designed scheme is also designed to deliver a 50% saving in carbon emissions beyond existing regulations.

Eutopia in March secured permission on appeal to the secretary of state after the council opposed the scheme due to concerns it could jeopardise the delivery of a future rail upgrade envisaged in the area.

Eutopia Homes is run by Scott Hammond, a former collaborator with Goodstone founders Darryl Flay and Martin Bellinger at Essential Living.

Martin Bellinger, principal at Goodstone Living, said Birmingham had a large pool of potential residents demanding high-quality, purpose-built and professionally managed rental accommodation which made it “the perfect place for our first development project”.

Scott Hammond, founder and CEO at Eutopia Homes, said: “We are delighted that Goodstone Living has backed our vision for Digbeth, a key growth area within Birmingham.”