Merchant banking group Close Brothers has provided developer and manager Select Property with £44.5m development finance to support its first Build to Rent scheme in Birmingham – Affinity Living Lancaster Wharf. The scheme will deliver 266 new homes.
Located a 10-minute walk from Snow Hill Station and Colmore Row, it is Select Property’s first Affinity Living residence in Birmingham, having established a strong reputation across its four existing properties in Manchester. Affinity Living Lancaster Wharf is due to complete in Q3 2025.
“We are very proud of the Affinity Living experience that we have created and developed in Manchester city centre. Given its success, we knew it was the right time to bring our proposition to new markets and Birmingham was the perfect place to do so given the continued growth of its young professional population. Our new property at Lancaster Wharf will provide best-in-class rental homes in an unrivalled location with community at its heart, so we have no doubt that resident demand will mirror the demand we have seen from investors for this development. Close Brothers has been an invaluable partner to us in this project, working quickly to provide us with the support we need to see the development through to completion.”Adam Price, CEO, Select Property
Providing resident centric and community-led homes is a key part of the developer’s ethos. In a recent survey of its 1,300 residents across its four Affinity Living properties in Manchester, 75% said they would choose to stay at Affinity Living when their tenancy came to an end.
“We have worked with Select Property for many years and have forged a strong relationship with their highly experienced team and are delighted to be supporting them on yet another fantastic scheme. Situated within an area of major regeneration, Lancaster Wharf will provide much-needed, high-quality apartments for the rental market that will complement the ongoing improvements in the wider area. We have supported housebuilders and developers for over 40 years and look forward to continuing to do so over the coming years with experienced partners like Select Property.”Simon Powell, Director, Close Brothers
Close Brothers has supported Select Property on numerous projects over the last decade, including Affinity Living Riverside and Riverview in Manchester.