Fortwell Capital

Fortwell Capital completes £31m development loan for Birmingham scheme



Fortwell Capital has completed a £31.1m development finance loan to the High Street Group for a residential scheme in Birmingham.

The funding will enable the construction of Westminster Works, a 220-unit scheme for private sale.

Planning permission is said to be in place for the site, which is situated close to the proposed HS2 rail link on the edge of the Southern Gateway regeneration zone.

Fortwell Capital
 
The eight-storey scheme is expected to be completed in Q2 2021.

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 highlights both the capital we have available to deploy, and our appetite for regional development opportunities with good sponsors.”

Fortwell Capital

Gary Forrest, chairman at the High Street Group, added: “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.”

This loan follows the £55m facility for the development of No 1 Old Trafford, which Fortwell arranged last month.


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