Facebook - Birmingham Business Twitter - Birmingham Business Instagram - Birmingham Business

£27 million investment kick starts construction

A 140-home regeneration scheme in Birmingham is set to get off the ground after Cedar Invest received a £21 million investment to complete the development.

Named The Forge Digbeth, the five-storey development comprises a mix of one and two-bedroom luxury apartments, and is set for completion in December 2020. Providing new homes for over 226 residents, Cedar Invest has already sold 107 of the 140 homes. The development will also feature a landscaped external area and 42-space car park.

The investment, delivered by Frontier Development Capital (FDC) and Coutts, has allowed construction to commence at the previously disused 0.86-acre Park Works brownfield site, supporting more than 300 jobs in the construction phase.

Cedar Invest Limited is an equity finance vehicle owned by the family office of established property developer Grahame Whateley.

John Whateley, director at Cedar Invest Limited, said: “The Forge Digbeth is set to be a transformative development in the city, regenerating a currently underutilised piece of land to provide a range of luxury new homes. By securing backing from FDC and Coutts we have been able to get spades into the ground – a significant milestone for Cedar but also Birmingham as we contribute to its ongoing growth.”

The £27million package includes a £17.5million loan from Coutts and £3.5million from Frontier Development Capital, with Cedar Invest investing £6million.

Nick Oakley, head of property investments at Frontier Development Capital, said: “Demonstrating the flexibility of the finance we provide at FDC, this investment in Cedar Invest will be crucial in allowing the developer to deliver this flagship development, a strong platform from which it can bring forward more schemes across the Midlands and wider UK."

Frontier Development Capital provides access to flexible investments of up to £10million, deploying funds nationwide via its offices in Birmingham and Manchester.

National fund manager relocates its HQ

Move to Birmingham's business district follows high-profile deals

12th July 2019

Apartments unveiled in West Bromwich

New development is key step in extending regeneration

23rd December 2019

Tech company secures £500k investment

Birmingham firm bridges languages gaps

2nd June 2020

Development sells out before work starts

Apartments snapped up within weeks of launch

14th August 2019

Architect takes up presidential role

New appointment will help to build Birmingham's future

6th February 2020

Dig Brew wins national award

Craft brewery signs international deal after competition success

17th May 2019

Global investment partners acquire apartments

Regeneration project gets a vote of confidence

25th June 2019

Lead property advisor appointed

Firm will advise on regeneration of Ladywood area

24th September 2019

Technology hotspot

Why are tech businesses flocking to Digbeth?

4th September 2019

Hagley Road construction team taking shape

Project managers on board for project

19th December 2018

Stars appear at Birmingham charity event

Fire and Ice Ball will raise crucial funds

26th November 2019

Finance group appoints new expert

Business development manager joins award-winning group

22nd February 2019

Law firm advises on acquisitions

Two deals completed with help from corporate specialists

22nd November 2019

Number of new developments drops

Brexit and tougher economic conditions lead to fewer projects in city centre

4th February 2020

New multi-million pound development unveiled

Apartments and restaurant created in centre of Sutton Coldfield

11th March 2019