November 7, 2019

Estates Gazette, 24th October 2019 – Prosperity plans major Birmingham resi scheme

Article by Emma Rosser:

Birmingham developer Prosperity is planning a large residential development of at least 600 homes adjacent to the Smithfield Market regeneration.

Smithfield East could see the number of homes increase as the council embraces height and density in Digbeth.

The development is bound by Bradford Street, Barford Street and Rea Street and had been divided into six plots initially, but will now be brought forward as a single development.

Prosperity Wealth has spent the last three years raising funds and acquiring land, and is currently in ongoing pre-application discussions with the cousncil and local stakeholders.

It has invested £17m primarily with its own equity, with early stage finance from Topland, regeared with a series of longer-term loan notes via Property Investor Partnership.

Prosperity is working with Birmingham City Council and Lendlease to ensure the development responds to the £2bn Smithfield Market redevelopment, which aims to provide 2,000 homes and more than 3m sq ft of commercial, retail and leisure space and wider city development plans.

Joe Billingham, founder at Prosperity Wealth, said: “The city council wanted to encourage a wider play to bring residential forward as blocks as opposed to standalone developments.

“We are engaging with Lendlease and Birmingham City Council on key points around access points, infrastructure and taxation. The residential sites that we are looking to bring forward are within the Smithfield masterplan, and it is very much a collaborative approach.–

Lendlease was expected to be officially appointed as development partner for the Smithfield Market regeneration at the council cabinet meeting in September, but this has since been pushed to December.

There is a potential that the 2,000-home scheme will see the number of homes increased as the city warms to increased density and height in the area.

Prosperity was founded in 1990. It initially focused on acquiring property for a private portfolio and later expanded to consultancy and mixed-use city centre acquisition and development. 

Article written by Emma Rosser,  Estates Gazette, 24th October 2019