Birmingham developer secures £ 43.5million for resi program

Specialist property development finance provider Maslow Capital has completed a £ 43.5million development facility secured against Birmingham-based SevenCapital’s 242-unit residential program in Bracknell.

The Grand Exchange will provide 242 residential units and an ancillary commercial space separated into two blocks. Block A will provide 106 units across seven accommodation levels with an affordable element of 25%. Block B will deliver 136 private units over nine levels.

Residents will have access to on-site common areas, including a loft-style workspace, a bookable private event space to accommodate guests, a gym, bookable spa treatment rooms, and landscaped private gardens.

The former industrial wasteland will offer a car park offering charging stations for electric cars and 340 bicycle spaces.

Matt Pigram, Head of Transaction Arrangement at Maslow Capital, said: “Covid-19 has dramatically altered tenant preferences across the UK. With young professionals reassessing their housing needs and a transition to remote working, we are seeing a new influx of movements to well-placed suburban belts across the UK. With its excellent location, high quality amenities, and environmental considerations, this program ticks all the boxes for this key demographic.

Damien Siviter, Group Managing Director at SevenCapital, said: “This is once again a fantastic partnership with Maslow Capital with whom we have already worked to achieve our pioneering developments in Birmingham.

“The Grand Exchange will provide a whole new concept of living for Bracknell, following the trend for practical, spacious and feature-rich downtown homes – which, after the last 12 months of closure, we expect to be very popular.”

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