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Birmingham
Stoford Developments has found the key to implementing its future growth
plans after joining forces with a major funding provider.
Stoford Ventures has already led to the funding of four major investment
and development projects in just three months.
The 50:50 joint venture was formed last November with Uberior Ventures
Ltd, the equity arm of Bank of Scotland Joint Ventures.
It has an initial £59m of committed debt and equity funding at its
disposal to acquire and develop commercial property.
More than £15m has been committed to four projects beginning with
the £5.6m purchase of Birmingham’s former Stock Exchange.
The landmark at Great Charles Street was in use continuously as a stock
exchange until the Big Bang of 1987.
The building is to be refurbished and re-let to its current occupier EFG
Harris Allday, a leading firm of stockbrokers and investment managers
owned by EFG Private Bank, on improved terms.
The funding has also enabled Stoford to develop a piece of prime land
in Leicestershire with the unconditional purchase in just three weeks
of a 12-acre site at Sunningdale Park.
Stoford Ventures funding has also supported the £3.7m purchase of a 4.2-acre site at Basildon that has been pre-let to the Driving Standards Agency.
Work will start on site in May this year on what will be the third test centre that Stoford has built for the DSA following similar schemes at Granby Avenue in Garretts Green, Birmingham and Burton-on-Trent.
The project will include demolishing an existing industrial building and providing a new office building and a safe off-road test area for would-be motorcyclists.
Funding has also gone towards the £1.1m purchase of an industrial site in Yardley for a new housing scheme with a potential end value of £4m,
Work is about to start on site on the 18,000 sq ft regeneration scheme at Mansfield Road, which will see the building of 16 new homes and the conversion of Grade II-listed Pinfold barn to two new homes.
Uberior has provided £11bn worth of debt and equity funding to joint venture partners since 1999.