Investment and development company Cole Waterhouse has completed the acquisition of a key development site in Digbeth, paving the way for the creation of Upper Trinity Street (UTS), a £260 million mixed-use scheme which will deliver 943 new homes and a new public park for the city.
Cole Waterhouse has entered into an agreement with debt facility provider Ingenious to acquire the land from multiple private owners, with Auxillium Real Estate acting as the debt broker.
The purchase comes after Birmingham City Council granted planning permission in July 2021 for the transformation of the industrial land into a cultural, commercial and residential scheme. It will include the creation of Pump House Park which will sit alongside the canal and the historic lock keepers cottage which will be retained.
Last year Cole Waterhouse signed the first tenants at UTS including the world’s first Museum of Youth Culture, Birmingham Music Archive and Digbeth’s legendary Pat Benson Boxing Academy which together will occupy over 15,000 sq ft of space.
Designed by Corstorphine & Wright, UTS will deliver a blend of rentable and open market sales homes, some with live-work space and roof gardens, a 133-bedroom hotel, 60,000 sq ft of flexible commercial space, car parking and large new areas of public realm across a network of landscaped yards, squares and hidden spaces.
The development of UTS is expected to create 600 jobs during the construction phase, deliver £229.5m GVA to the local economy and will create up to 313 additional jobs once built.
Phase one will see the development of a portion of the residential element of the scheme comprising build-to-rent housing.
Speaking about the acquisition, Damian Flood, CEO at Cole Waterhouse commented: “With the land now successfully acquired, we look forward to the delivery of this major mixed-use scheme. Over the course of the next few months we will be tendering the construction contract for phase one, and aim to start on site by Q3 next year. We will also be appointing a real estate adviser to support us with marketing the residential offer both locally and internationally.
“There has been a huge collaborative effort from the stakeholders including the City Council, the local community of Digbeth, the Canal & River Trust and our project team and I would like to thank everyone for supporting our vision and for their unwavering commitment to the delivery of UTS.”
Simon Delahunty, Assistant Director Development Planning & Development at Birmingham City Council added: ““The announcement that Cole Waterhouse and its funding partners have now acquired the land to bring forward Upper Trinity Street is very welcome news for the city of Birmingham. We look forward to seeing their plans emerge and to witness the transformation of this area of Digbeth with investment for new homes, spaces for people to enjoy and places for people to work.”
The value is undisclosed.