Moda Living and Aviva Capital Partners have announced a joint venture to invest in a four-acre regeneration site in Digbeth, with plans to build 1,000 homes for rent.

The £400 million ‘Stone Yard’ project aims to transform a brownfield site near Birmingham New Street Station and HS2 Curzon Wharf. The site was purchased from Gallagher Developments and Court Collaboration.

This venture marks Aviva Capital Partners’ initial foray into the build-to-rent sector as it explores more large-scale regeneration opportunities across the UK.

John Cummins, CEO of Aviva Capital Partners, expressed his delight in investing in Birmingham, praising it as a fantastic city. He emphasized the importance of new, high-quality accommodation for the city’s continued growth and potential realization. He added that the joint development with Moda of approximately 1,000 high-quality homes in the city center would bolster the local economy and align with the UK’s ambition to create attractive and eco-friendly urban living spaces.

Tony Brooks, Managing Director at Moda Living, stated that Moda takes pride in building thriving communities where people can lead their healthiest, most sustainable lives. He highlighted that this significant deal with Aviva enables them to deliver on a large scale. Brooks pointed out that such partnerships are crucial in addressing the UK’s current housing crisis, enabling the transformation of major brownfield sites into thousands of new, sustainable homes.

He further added that the Stone Yard project promises to offer an unparalleled resident experience and excellent customer service, along with social value initiatives and investment in skills and training that will benefit the local community for generations. With Stone Yard being at the heart of the Digbeth regeneration area and their first project in this part of the city, Brooks expressed excitement about advancing the project in the upcoming months and years.