Regeneration partnership PxP West Midlands has secured funding for a housing scheme in the Black Country set to create almost 200 new homes.
The Homes and Communities Agency (HCA) and Urban Living will provide almost £9?million in order to unlock the 11-acre Brindley Village II scheme in north Smethwick.
The £6.5?million from the HCA and £2.3?million from Urban Living will allow PxP West Midlands – a limited partnership between Advantage West Midlands and Langtree with the Bank of Scotland Corporate – to acquire the remaining land interests across the strategic regeneration site.
Mark Stapleton, managing director for PxP West Midlands, said: “Being located within one of nine of the Government’s Housing Market Renewal Pathfinder zones speaks volumes about the challenges faced in this area. This scheme will not only deliver circa 200 family houses to the local community, but it will also provide £42?million of investment and trigger further large-scale regeneration projects in the locality.”
The adjacent Brindley Village I was completed five years ago and comprises 150 family homes. The success of the scheme, the demand for many more new family homes and the ongoing need for investment in regeneration projects has triggered the development of Brindley Village II.
It will create 193 homes with 25 per cent designated for shared ownership and social rented initiatives.