Cole Waterhouse and Taurus Investment Holdings LLC Begin Joint Venture with HGP to Deliver Build-to-Rent Homes in Birmingham
Cole Waterhouse and Taurus Investment Holdings LLC, a US-based global equity real estate private firm through its UK arm, Taurus RE Investment Ltd (Taurus UK), have agreed a £60million Joint Venture with HGP, the Lloyds backed equity investor in the UK Living sector, and real estate lender BGO to bring forward the first phase of their Upper Trinity Street residential development (UTS) in Digbeth, Birmingham.
The first phase comprises three Build to Rent properties which will provide 211 new homes in a recognisably under-developed part of Birmingham.
Caddick has been appointed as main contractor, following the business’ expansion into the Midlands in 2023. Start on site has commenced with a two-year construction programme, and practical completion is expected in spring 2027. The joint venture has also received debt advice from Auxilium Real Estate.
Designed by Corstorphine & Wright, UTS is a £260 million mixed-use scheme which will deliver at least 943 new homes and a new public park for Birmingham.
Damian Flood, CEO at Cole Waterhouse commented: “Entering into a contract with Caddick enables us to undertake this exciting project with Taurus, Housing Growth Partnership and BGO. This is our first Joint Venture with the professional team at Housing Growth Partnership and we are all excited to bring forward the first phase of UTS, which will be one of the catalysts for the further regeneration of Digbeth, demonstrating our confidence in delivering much needed housing in this key part of the city.”
John McKeon, Investment Director, HGP, said: “We are delighted to be partnering with Cole Waterhouse and Taurus in helping to bring forward this exciting development which will help meet an unmet demand for housing in Digbeth and create a vibrant local community. Cole Waterhouse and Taurus have a strong track record of delivery in the sector and we look forward to working together to support future opportunities.”
Nick Jacobs, Managing Director of Taurus UK said: “The start of construction on the first phase of this superb site feels very significant as it helps activate one of the most important growth areas in Birmingham. We are really happy to be working with HGP, CWH, BGO and Caddick. A great team.”
The first two phases of the development will see the regeneration of a 5.2-acre industrial site into a vibrant cultural, commercial and residential scheme with permanent homes for the Pat Benson Boxing Academy, the Museum of Youth Culture and the Birmingham Music Archive. It will also include the creation of Pump House Park which will sit alongside the canal and the historic lockkeeper’s cottage which will be retained.
The development is expected to create 600 jobs during the construction phase and up to 313 additional jobs once built.
