M7 Developments, the planning and development arm of M7 Real Estate, has secured planning consent from Solihull Borough Council for a 780,000ft² phased, mixed-use redevelopment of “The Green”, a 47-acre brownfield site in Solihull. The company has also secured a new commercial property loan from Merseyside Pension Fund, advised by Mayfair Capital Investment Management, to finance the project.
The redevelopment will provide up to 570 new homes, contributing materially to the current housing shortfall in the Borough of Solihull. The project will also include a total of 154 senior living units, which are being developed by McCarthy & Stone and Restful Homes, and 145,000ft² of commercial space for up to five car dealerships, including a prestige showroom for Aston Martin, which is due to commence construction in the Autumn. The first residential units are expected to complete in late 2020, with the overall redevelopment of the site targeted for completion in around 2024. The project is expected to generate circa 475 jobs and will provide a significant economic boost to the locality, including the Village Hotel and Gym which is already located at The Green.
Hugh Ellingham, CEO of M7 Developments, commented: “The Green is a complex and sizeable brownfield regeneration project and this planning success is a major step forward as we begin to realise our vision for the scheme. Working closely with our partners and responsive local planning authority, the project is really starting to take shape. Having launched M7 Developments earlier this year, this is also a strong illustration of how the depth and breadth of M7’s activities are expanding, and we have several brownfield projects in the pipeline that we look forward to undertaking in the future.”
James Thornton, Chief Executive of Mayfair, commented: “At this point in the cycle, given continued risk aversion from traditional lenders, commercial debt is an appealing way of generating attractive income returns in a continuing low-interest-rate environment.”