Property
Upward (Property Estates) Ltd has fully repaid its £2m loan secured from the Greater Birmingham and Solihull Local Enterprise Partnership’s Growing Places Fund to support the development of much needed residential and supported living accommodation in the Birmingham area.
The loan was made to the property developer in June 2015 to fund the development of its Bromford project; a scheme regenerating brownfield land to construct 57 houses and flats, a community hub and 12,000 sq ft of commercial space.
Contracted to Upward Developments (West Midlands) Ltd, the scheme known as The Bromford was completed in summer 2018. Earmarking 37 properties for supported living, the project offers an alternative to traditional residential care homes for people with disabilities and complex needs. Providing tenants with independent living and encouraging them to become an active, integrated part of the community, The Bromford offers individuals the ability to live fulfilling lives without compromising on the level of complex and intensive care that they may require.
Simon Griffiths, Director at Upward Developments, said:
“We are proud to have been able to regenerate The Bromford public house and former Palmerscroft Care Home brownfield site to bring new supported housing to the region. The site had been long-vacant and with the support from the GBSLEP Growing Places Fund we were able to develop residential accommodation as well as small-scale commercial units, which would have not been viable without such investment”.
The project was supported by the GBSLEP through the Growing Places Fund managed by Finance Birmingham, which is available to businesses for development projects that are unable to proceed due to accessing traditional finance elsewhere.
Simon Marks, Board Director for Optimising Assets at Greater Birmingham & Solihull Local Enterprise Partnership (GBSLEP), said:
“Since launching six years ago, GBSLEP’s Growing Places Fund has been crucial in kick-starting projects across Greater Birmingham and Solihull, stimulating sustainable economic growth in the region.
“As well as contributing to the area’s regeneration, The Bromford development supported a number of construction jobs, led to the creation of 70 new roles in the care sector and provided much-needed, affordable accommodation, delivering on our mission to improve the quality of life for Greater Birmingham and Solihull’s residents.”
Andy Green, Investment Director from Finance Birmingham, said:
“Through the collaboration with the GBSLEP, it’s been exciting to see the Bromford project complete and Upward (Property Estates) repay their loan in full. The investment has helped in the regeneration of unused derelict land and more importantly delivered more residential housing in the region, which is an excellent outcome for all involved in the development, as well as its future tenants”.
The project was monitored by Wakemans Ltd quantity surveyors.
