Fortwell Capital has provided its second major loan in two weeks, with the completion of a €36.2m (£31.1m) development finance facility to The High Street Group for the construction of Westminster Works. Situated close to the proposed HS2 rail link on the edge of the Southern Gateway regeneration zone, Westminster Works will offer 220 residences within a vibrant new neighbourhood, centred around a newly created public space. Planning permission is in place and completion of the eight-storey scheme is expected in Q2 2021. This is the second major facility written by Fortwell Capital in the past two weeks, following the provision of a €64.1m (£55m) loan for the development of No. 1 Old Trafford, a 354-unit Manchester residential scheme.
Arthur Jennings, Managing Director at Fortwell Capital, said: “Birmingham is an established investment destination, and Westminster Works will capitalise on the growing demand for high-quality residential space in the city. The size and scope of the loan facility highlight both the capital we have available to deploy and our appetite for regional development opportunities with good sponsors."
Gary Forrest, Chairman of The High Street Group, said: “Located close to the proposed HS2 terminus, Westminster Works will be a unique and aspirational new development for Birmingham. Fortwell Capital’s proven expertise and development understanding was invaluable in underwriting this large and complex project and will be of huge benefit in the final delivery of this landmark scheme.”
