Multimillion-pound funding secured for major flats scheme

A £31.1m funding package has been secured for a former industrial site in Digbeth to be replaced with more than 200 flats.Fortwell Capital has made its second major loan in two weeks, with the completion of a development finance facility to The High Street Group.The loan will enable the construction of Westminster Works, a 220-flat scheme located close to the proposed HS2 rail link on the edge of the Southern Gateway regeneration zone,Planning permission was granted in May 2018 and completion of the eight-storey scheme is expected in the second quarter of 2021.This is the second major facility written by Fortwell Capital in the past two weeks, following the provision of a £55m loan for the development of No. 1 Old Trafford, a 354-unit Manchester residential scheme.The vacant Westminster Works on the corner of Alcester Street and Moseley Street will make way for the development which will include 128 one-bedroom and 93 two-bedroom flats.Plans were revealed ten years ago to transform the site into 134 flats as well as shops and a café but work never started.