UK-based construction firm Sir Robert McAlpine has commenced construction of the Hockley Mills built to rent development in Birmingham, the UK.
The latest move follows Sir Robert McAlpine Capital Ventures (SRMCV) securing a £100m Built to Rent forward fund deal with Legal & General.
Legal & General will fund the project on behalf of its Built to Rent (BTR) and Access Development Partnership, which is a joint venture between Legal & General Capital and PGGM.
LGIM Real Assets BTR senior fund manager Dan Batterton said: “We continue to invest throughout the UK and demonstrate the need for homes with functional space to work, alongside convenient access to local cultural and leisure amenities.
“The Hockley Mills development will deliver high-quality, professionally-managed rental accommodation that can help to address the supply demand imbalance in Birmingham.”
Sir Robert McAlpine was appointed as contractor for the 37-month construction programme.
The company will construct 395 apartments ranging one-, two- and three- bedroom, along with a new entrance to the Jewellery Quarter train station.
It will also feature parking spaces for 116 cars and 28,000ft2 of flexible commercial space for retail, leisure and offices.
SRMCV project director John Parnell said: “This deal demonstrates SRMCV’s significant experience of, and desire to invest in, the BTR sector. This scheme will allow us to continue to demonstrate that creating value for people, place and project are central to our business.
“We are delighted to work alongside Legal & General on this landmark development in the heart of Birmingham’s Jewellery Quarter and hope this will be the first of many projects together in this sector.”
Rendering of the Hockley Mills built to rent development in the UK. (Credit: Sir Robert McAlpine.)