A new joint venture has been formed to lead the development of a £260 million mixed-use scheme in Birmingham. Developer Cole Waterhouse has teamed up with the UK arm of US private equity firm Taurus Investment for the Upper Trinity Street project in Digbeth.
It follows the purchase in October of five acres of land at the site which has consent to be converted into a major new development, comprising 943 apartments, a park, a new home for the Pat Benson Boxing Academy and the creation of the Museum of Youth Culture and the Birmingham Music Archive.
Designed by architecture firm Corstorphine & Wright, the designs also include live-work space, roof gardens, a 133-bedroom hotel, 60,000 sq ft of flexible commercial space, parking, skypark and the retention of the historic lock keepers cottage.
The development, whose masterplan was approved in 2021, is expected to create 600 jobs during the construction phase and up to 313 additional jobs once built. The next step is to appoint an investment agent and seek institutional funding partners in order to begin work on the project.
It is the second time the two companies have teamed up, with their first joint project due for completion in Greater Manchester later this year. Taurus has been operating for more than four decades in the office, logistics, mixed-use and renewable energy sectors.
Peter Merrigan, chief executive of the Boston-based business, said: "This announcement is another step in meeting the UK's growing demand for value-add development opportunities. We're pleased to work with Cole Waterhouse once again to address Birmingham's housing shortage.
"Birmingham is an exciting place to invest as it represents one of the UK's strongest regional economies, is a destination of choice for students and has proven the ability to retain extensive growth thanks to the presence of industries like technology, finance and media."
Nick Jacobs, managing director of Taurus UK, added: "Cole Waterhouse has designed another great scheme and we are delighted to be working with them once again on a second high-quality venture.
"It allows us to continue our focus on investing equity in development and investments in the UK, despite the difficult economic headwinds that 2022 presented. We continue to have a pipeline of interesting projects coming forward."
Damian Flood, chief executive of Manchester-based Cole Waterhouse, said: "This is our second joint venture with Taurus and we are excited that they have selected Cole Waterhouse and Upper Trinity Street as its second build-to-rent targeted development in the UK.
"There is continued confidence in the UK's growing build-to-rent market and we're looking forward to building on this relationship with Taurus as we bring the development forward.
"There has been a huge collaborative effort from the stakeholders and our project team and I would like to thank everyone for supporting our vision and for their unwavering commitment."
