A £55m Birmingham residential development will proceed with backing from a consortium of Hong Kong and Macau investors, the city council has confirmed.
A minimum of 214 apartments will be built on a brownfield site at 21 William Street in Ladywood.
The Cedar House site is currently home to a former data centre.
Birmingham City Council signed a joint statement of investment commitment with Country Garden – China’s fifth-largest property developer – in September, which it said could be worth up to £2bn for the city’s economy in terms of direct investment into housing and infrastructure.
The council’s leader John Clancy told Construction News that the deal could be worth as much as £5bn to Birmingham.
Mr Clancy met with investors during a trip to Hong Kong, China and Singapore in September this year where he outlined Birmingham’s open approach to Asian investment, particularly residential development in the city.
He said: “This is excellent news and demonstrates that Birmingham is open for business in a challenging post-Brexit landscape.
“Coming on top of the £2bn agreement with Country Garden to deliver much-needed homes for our citizens, this is proof that Birmingham can attract global investors.
“There’s a housing crisis in this country and Birmingham is no exception. We need more affordable homes, we need more social housing, and we need to give people hope.”
Birmingham City Council strategic director for the economy Waheed Nazir said: “New investment is hugely important to this growth agenda.
“Announcements like this, together with the recent launch of a £724m investment plan to maximise the benefits of HS2, demonstrate that confidence in the city is high.
“The delivery of new homes, quality of life and employment opportunities will continue to see Birmingham as an attractive place to invest.”
Top Capital Group will act as the funder and ultimate owner of the site through the establishment of William Street Investment Co, which will buy a long lease on the land.