Cole Waterhouse and Taurus Investment Holdings LLC, a US-based global private equity real estate firm through its UK arm, Taurus RE Investment Ltd (Taurus UK), complete on the formation of a second joint venture partnership to bring forward Upper Trinity Street – a key development site in Digbeth, Birmingham. This follows the purchase of the site by Cole Waterhouse in October 2022 with debt facility provider Ingenious and Auxillium Real Estate acting as debt broker.
“This is our second joint venture with Taurus, and we are excited that they have selected Cole Waterhouse and Upper Trinity Street as their 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 including the City Council, the local community of Digbeth, the Canal & River Trust, and our project team and I would like to thank everyone for supporting our vision and for their unwavering commitment to the delivery of Upper Trinity Street.”Damian Flood, CEO, Cole Waterhouse
Designed by Corstorphine & Wright, the £260m mixed-use scheme will deliver 943 new homes – a mix of Build to Rent and open market sales homes, with some including live-work space, a new public park for Birmingham and roof roof gardens. The scheme will also include a 133-bedroom hotel, 60,000 sq ft of flexible commercial space, car parking, and large new areas of public realm across a network of landscaped yards, squares and hidden spaces.
“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 and choose to work with best-in-class partners such as Cole Waterhouse.”Nick Jacobs Managing Director, Taurus UK
To deliver the first two phases of the Upper Trinity Street development, Cole Waterhouse and Taurus UK intend to appoint an investment agent and seek institutional funding partners. These phases will transform the 5.2-acre industrial site into an exciting cultural, commercial, and residential scheme with permanent homes for the Pat Benson Boxing Academy, the Museum of Youth Culture and the Birmingham Music Archive. It will also include the development of Pump House Park, which will sit alongside the canal and the historic lock keepers cottage which will be retained.
“Today’s 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.”Peter A. Merrigan, CEO, Taurus Investment Holdings
During the construction phase of Upper Trinity Street, the development is expected to create 600 jobs. Once complete, an additional 313 jobs are expected.