Urban Exposure has provided a further c.€78m (£66.9m) loan Galliard Group for a mixed-use residential and commercial development at Timber Yard in Birmingham. Located in Birmingham’s city centre Southside district, the scheme will comprise 379 one, two and three-bedroom apartments and 6,257ft² of commercial space at ground floor level. The two residential buildings have been designed by Claridge Architects, and exhibit signature designs providing premier specifications.
Commenting, Randeesh Sandhu, CEO of Urban Exposure, said: “We are delighted to be financing a further impressive development in the UK’s ‘second city’. At a time when Birmingham is expanding rapidly, the need for funding has thus far failed to meet its needs, and so we are proud to have provided €128m (£110m) of funding for ambitious projects in the region so far. We have a strong pipeline of projects and look forward to announcing further developments in the region in the coming months. Birmingham is the beating heart of the West Midlands and building more homes in the City will be critical to meeting the housing needs of the wider region. Our research shows that housebuilders will need €17.5bn (£15bn) of finance to deliver on the Chancellor’s new homes target for the region and we remain committed to playing our part.”
Also commenting, Jonathan Morgan, Director of Investment & Developments at Galliard Homes, said: “We have been overwhelmed by the level of interest and sales achieved at Timber Yard, and Birmingham has undoubtedly emerged as the hottest residential market in the country at present. This is Galliard’s first construction start in the city from a wider portfolio and we are pleased to now be in the delivery phase of this pipeline. We have been particularly impressed with Urban Exposure’s approach to meeting our funding requirements and look forward to their continued support as we launch further developments in the future.”