£16.5m funding secured for Jewellery Quarter scheme

Kings Crescent Homes has secured a £16.5m funding from Paragon Development Finance to support a new scheme in Birmingham’s Jewellery Quarter.The funding will support the acquisition of the site on Legge Lane and the subsequent development of 100 one- and two-bedroom apartments.The scheme, which will be named Scholar’s Quarter, is located next to Kings Crescent Homes’ Copperworks development, with phase one on that site due to complete in the first half of 2022.The Scholar’s plot has remained vacant since it ceased industrial use in the 1970s when it was a series of brass works, including Albion Works and Wellington Works.The 100 residential units will be located within seven interconnected buildings.Work on Scholar’s Quarter will begin imminently and is expected to be completed in 2023. The deal was led on behalf of Paragon by relationship director Rebecca Murphy and portfolio manager Josh Pedder.Advisers on the deal included Knight Frank, Thomson Snell & Passmore, and Pride Consulting IMS.