A property developer currently building a new apartment complex in Birmingham has secured £44.5 million in funding to support the scheme.
Select Property has struck a deal with merchant banking group Close Brothers for its Lancaster Wharf scheme in the city's Gun Quarter.
The canalside project, at the corner of Princip Street and New Town Row, will comprise 266 apartments for rent along with a gym, rooftop garden and co-working space across a group of blocks reaching 23 storeys.
Construction work started last summer and the project, under Select Property's Affinity Living brand, is due for completion in autumn 2025.
The site was previously used by West Midlands Police Authority as a storage depot. It is the first Affinity Living project in Birmingham, joining a quartet of sites in Manchester.
Adam Price is chief executive of Select Property which is a Cheshire-based developer, operator and investor.
He said: "We are very proud of the Affinity Living experience that we have created and developed in Manchester city centre.
"Given its success, we knew it was the right time to bring our proposition to new markets and Birmingham was the perfect place to do so given the continued growth of its young professional population.
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"Our new property at Lancaster Wharf will provide best-in-class rental homes in an unrivalled location with community at its heart so we have no doubt that resident demand will mirror the demand we have seen from investors for this development. Close Brothers has been an invaluable partner to us in this project."
Close Brothers has provided the funding package after Select Property secured £77 million in advanced sales to investors for all of the units at Lancaster Wharf.
Director Simon Powell added: "We have worked with Select Property for many years and have forged a strong relationship with their highly experienced team and are delighted to be supporting them on yet another fantastic scheme.
"Situated within an area of major regeneration, Lancaster Wharf will provide much-needed, high-quality apartments for the rental market that will complement the ongoing improvements in the wider area.
"We have supported housebuilders and developers for over 40 years and look forward to continuing to do so over the coming years with experienced partners like Select Property."
Lancaster Wharf has been designed by Corstorphine + Wright with Torsion appointed as main contractor.
