Work has begun on a new build residential development near Birmingham city centre by the niche Birmingham residential developer Prosperity Developments.
Comprising of 67 one and two-bedroom apartments, the units at Moseley Gardens in Digbeth were snapped up within weeks of being launched to the market.
Joe Billingham, Chairman and CEO at Prosperity Developments, said: “We are delighted that Moseley Gardens has proven to be so popular with buy-to-let investors and owner-occupiers, who are keen to take advantage of the development’s convenient location. The fact that all of the available apartments have been purchased entirely off-plan demonstrates how desirable it is to live and invest in Birmingham city centre.
Specialist lender BLG Development Finance has funded the five-storey development with JA Ball appointed as the project’s contractor.
Joe continued: “As a specialist development finance lender, BLG’s understanding of the planning and property development journey is extremely helpful. We worked in partnership together on a similarly successful scheme – B1 in Edward Street – and very much look forward to delivering another development for Birmingham that we can all be proud of.”
Mosely Gardens is being built on a 13,000 sq ft section of land on Moseley Street, and work is expected to complete next year.
Commenting on the scheme BLG’s Director and Head of New Business Perry Kurash, said: “BLG is delighted to have provided the Prosperity Group with a senior purchase and development loan for Moseley Gardens.
“This is a fantastic scheme in an up-and-coming area of Birmingham, and we are proud to be associated with the regeneration of this location. This is the third scheme we have financed for the Prosperity Group, and we are excited to see this project come to fruition.”
Prosperity Developments builds, develops, and sells affordable buy-to-let apartments and is part of the Prosperity Group of companies that boast a residential and commercial portfolio with a GDV of over £400 million.
The Birmingham-based developer recently announced a new partnership with strategic development manager, F3GROUP, which is expected to bring forward a series of new residential schemes nationwide.
Featured Image: (l-r) Joe Billingham, Chairman and CEO at Prosperity Developments with Gavin Gleave, Chief Executive and Director of F3GROUP.