A proposed residential scheme in Birmingham is moving forward after securing a funding boost of £21 million.

The Forge Digbeth is a 140-home development comprising a mix of one and two-bedroom luxury apartments across five storeys. It is being built on a previously disused 0.86-acre Park Works brownfield site.

Cedar Invest received an investment from Frontier Development Capital (FDC) and Coutts, allowing construction to commence on the scheme. The equity firm is also investing £6million in the project.

The development will provide space for over 226 residents and support more than 300 jobs in the construction phase.

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John Whateley, Director at Cedar Invest Limited, said: "The Forge Digbeth is set to be a transformative development in the city, regenerating a currently underutilised piece of land to provide a range of luxury new homes.

"By securing backing from FDC and Coutts we have been able to get spades into the ground – a significant milestone for Cedar but also Birmingham as we contribute to its ongoing growth."

Nick Oakley, Head of Property Investments at Frontier Development Capital, added: "Demonstrating the flexibility of the finance we provide at FDC, this investment in Cedar Invest will be crucial in allowing the developer to deliver this flagship development, a strong platform from which it can bring forward more schemes across the Midlands and wider UK.

"The volume and quality of residential development in Birmingham is on the rise, driven by developers like Cedar Invest. We look forward to working with the team as this scheme takes shape and delivers much-needed homes in the city."

The Forge Digbeth is set for completion in December 2020.

(CM/JG)