Housing Growth Partnership invests £18m for new homes in Midlands

Housing Growth Partnership invests £18m for new homes in MidlandsThe Housing Growth Partnership (HGP), backed by Lloyds, says it has invested £17.7m in equity into seven housing projects in the Midlands since the start of 2023.HGP, alongside local builders, will help construct 557 apartments and houses in the Midlands.These projects are set to be completed between 2024 and 2025. They involve the renovation of St. Mary’s Hospital in Melton Mowbray, Leicestershire, to create 41 houses and four apartments in collaboration with Snowdown Homes.There will also be the construction of 37 and 166 apartments in Birmingham city centre with Rainier Developments and 10M.In Leicester city centre, a development of 171 Build-to-Rent apartments is planned in partnership with Monk Estates.Some 21 homes will be built in Sutton, Bedfordshire, utilizing modern construction methods to reduce carbon emissions and accelerate construction, in collaboration with Cora Homes.Lastly, there will be 47 new homes in Tansley Gardens with Stancliffe Homes and the acquisition of land for approximately 70 new homes in Derbyshire, in partnership with Cora Homes.HGP has been working with small housebuilders in the Midlands since 2016, investing around £37m in equity across 20 schemes in the East and West Midlands. Over the last two years, more than £26m has been invested.Mike Murphy, investment director for the Midlands at HGP said: “Against a restrictive debt financing backdrop, the requirement from regional UK developers for funding solutions that enable them to grow their businesses and accelerate housing delivery has never been more acute.“We have significant ambitions in the Midlands to continue expanding into different tenures. At the same time, these investments are aligned with our commitment to funding schemes that are delivering demonstrable environmental and social value.”