Housing and commercial property scheme in Birmingham’s Jewellery Quarter begins

Housing and commercial property scheme in Birmingham’s Jewellery Quarter begins

16 May 2022

Works on revitalising a family-run business property in the heart of the Jewellery Quarter have commenced this month.

Warwickshire-based Rainier Developments is creating a new home for Charles Green & Son, a family-run jewellery business established in 1824, along with 37 one-and two-bedroom apartments, and other commercial space.

The development has been made possible thanks to a £6 million funding deal from the West Midlands Combined Authority (WMCA) and GBSLEP. Work has now started on creating a manufacturing studio, which will replace buildings from the 1960s and the development is expected to be completed in the final quarter of next year.

A minimum of 20 per cent of the homes will be classed as affordable under the WMCA’s regional definition of affordability, which is linked to real world local wages rather than property prices.

Christine Oates, Tax Partner at Delloitte and Non-Executive Board Director at the Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP), said:

“Sites such as Tenby Street are a vital part of our Unlocking Stalled Housing Sites Programme, which has seen £9 million invested to transform unused brownfield sites into high quality housing developments. Increasing the rate of housing delivery across the GBSLEP area is essential for the economic recovery and growth of our region as well as ensuring our residents have access to a variety of housing. This new development will provide outstanding accommodation in a sought-after part of the city and job opportunities in construction and development. It will also allow a manufacturer which has been part of Birmingham’s economic fabric for almost 200 years to continue their work here.
“This project also demonstrates how we use our triple helix structure of bringing public, private and academic sectors together to drive forward inclusive economic growth. It’s great that GBSLEP and WMCA have worked with developers Rainer to bring this project to life.”

The WMCA is providing the loan through Frontier Development Capital Ltd (FDC), a fund manager working closely with property developers to arrange investments from the WMCA’s Collective Investment Fund (CIF) and Revolving Investment Fund (RIF), while a further £720,000 of grant funding has been provided by the GBSLEP.

Richard Mees, Chief Executive of Rainier Developments, said:

“This really is a scheme of partnership – a partnership between ourselves and Charles Green & Son, and then with the funders and authorities. We have all been working with the aim of achieving a positive future for Charles Green & Son, but also providing much-needed homes.

“By their very nature, these sites are rarely straightforward and it takes that level of co-operation for them to work, so we are very pleased that work is now underway and I think it proves the power of local partnerships in the West Midlands.” 

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