Mishcon de Reya has advised both Cole Waterhouse and Taurus Investment Holdings on a new joint venture with Housing Growth Partnership. The joint venture will fund and manage the first phase of the Upper Trinity Street development, a landmark £260 million mixed-use regeneration project in Digbeth, Birmingham.
Housing Growth Partnership is an equity investor backed by Lloyds Bank and Homes England. Debt funding for the joint venture was provided by BentallGreenOak. This initial phase of the development will deliver 211 build-to-rent (BTR) homes, setting the stage for a wider scheme expected to include a total of 943 homes and a new public park as well as permanent homes for the Pat Benson Boxing Academy, the Museum of Youth Culture and the Birmingham Music Archive.
With construction now underway, led by main contractor Caddick, the first phase of Upper Trinity Street is expected to reach practical completion by spring 2027.
Birmingham remains a prime location for BTR investments, driven by a robust demand for quality, professionally managed rental properties.
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.”
Nick Jacobs, managing director of Taurus UK, added: “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.”
This deal marks the second BTR development on which Mishcon de Reya has advised Cole Waterhouse and Taurus, following the success of the award-winning “Eda” – a 290 unit and 29-storey tower in Salford Quays.
The Mishcon de Reya team was led by Real Estate Finance Partner Sarah Spurling and Managing Associate Roya Zohrabi, Commercial Real Estate Partner Nick Minkoff and Managing Associate Tom Middleton and Corporate Partner Daniel Goldsborough. The wider team included Partners Simon Hunter and Adam Rose, Managing Associate William Chung, and Associates Danae Constantine, Arthur Horsfall, and Oliver Millichap.
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