Aprirose Scores £27M Birmingham BTR Funding, Despite The B-Word
Some sectors of the Birmingham property market have ground to a halt as the Brexit crisis reaches its climax. But not build to rent. Lloyds Bank has provided £27.2M funding to back Aprirose's 33-storey Tower 2 scheme at The Bank, Sheepcote Street, near Broad Street.
The scheme is Birmingham's tallest residential scheme, a distinction it will hold until the completion of Moda's 2one2 Broad Street which is planned to stand at 42 storeys, but where construction is yet to begin. Tower 2 is expected to complete in 2019.
The 217-unit Tower 2 will be Aprirose’s second private-rented-sector building at its The Bank development. It is adjacent to the 189-apartment Tower 1 which completed in June 2018 and was also funded by Lloyds as part of a £17.8M package.
Regal Property Group is delivering both towers.
“Tower 1 was the first stand-alone PRS development scheme we backed in the U.K. Our activity in the sector has grown exponentially since," Lloyds Bank Real Estate and Housing Director Selina Dicker said.