Rainier Developments’ new housing and commercial property scheme that is safeguarding the future of one of Birmingham’s oldest businesses alongside providing new homes is being backed by a new seven-figure partnership.
Midlands-based property developer Rainier Developments is creating a new home for Charles Green & Son, a family-run jewellery business established in 1824, along with 37 one-and two-bedroom apartments, and other commercial space on Tenby Street – and social impact investor Housing Growth Partnership (HGP) has invested £1.3m into the scheme.
The investment by HGP, which is backed by Lloyds Bank and Homes England, will help to bring forward a mix of high quality one and two bedroom apartments, comprising a combination of 28 open market apartments, two affordable units and seven apartments that have been dedicated for key workers.
The development will also deliver two new commercial units totalling 7500 sq ft, with the largest being a purpose-built jewellery manufacturing facility let to Charles Green & Son, a manufacturer that has been part of Birmingham’s economic fabric for nearly 200 years.
Mike Murphy, Midlands & Wales Investment Director at HGP, said:
“We are delighted to be working alongside Rainier Developments to deliver this regeneration scheme in the sought-after location of The Jewellery Quarter, marking HGP’s first investment alongside the highly-regarded developer.
“Rainier’s focus on positive social impact aligns closely with the values of HGP and we’re proud to be involved in this development, and we look forward to supporting Rainier Developments with their growth ambitions moving forwards.”
The scheme is located on Tenby Street within the well-regarded Jewellery Quarter in Birmingham City Centre – one of the most desirable city living areas, establishing itself as an attractive residential location, popular with professionals working within the City.
Rainier Developments has been developing the £11 million scheme with the support of The West Midlands Combined Authority and The Greater Birmingham And Solihull LEP.
Richard Mees, Chief Executive at Rainier Developments, added:
“It is fantastic to partner with HGP who are backed by Homes England and Lloyds Bank. This will hopefully be the first of many schemes that we develop together and with HGP as an equity partner, this enables Rainier to continue its ambitious growth plans in the residential sector.”
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