Homes England, Aviva Capital Partners, Moda Group, NatWest, and the West Midlands Combined Authority have completed an investment deal to unlock a 1,000-home rental community in Digbeth, Birmingham.

The GBP 200 million (US$272 million) Stone Yard project in Digbeth has secured a funding agreement that includes debt financing from NatWest and Homes England through the Home Building Fund. This financial support will facilitate the development of Phase One, which features 605 high-quality build-to-rent homes spread across four residential blocks. Additionally, a brownfield grant from the West Midlands Combined Authority (WMCA) has enabled the project to boost its affordable housing provision to 20%, with these homes offered at Discounted Market Rent rates. A subsequent phase of the Stone Yard development will add three more residential blocks, increasing the total number of homes to 995. These homes will be supported by a variety of amenity spaces accessible to all residents, including co-working areas, 24/7 gyms and studios, lounges, and private dining rooms. In addition to housing, the project will feature community-oriented elements such as commercial spaces, landscaped public areas, and enhanced connections to nearby attractions, all of which will help foster Digbeth’s growth as a lively and inclusive neighbourhood.

Moda will manage the buildings and newly created public spaces at Stone Yard, bringing its well-established focus on high-quality service, smart technology, and resident wellbeing to foster a professionally managed, inclusive community in central Birmingham. Construction is being carried out by Caddick Construction, Moda’s sister company, which has already begun initial site works. Phase one is expected to be completed by 2028. The development is situated on a prominent four-acre brownfield site on Deritend Road, offering excellent accessibility. It lies at the heart of Birmingham’s creative quarter, next to the Custard Factory, and directly opposite both the Eastside Metro extension and the future HS2 Curzon Street Station, making it a key location in the city’s urban regeneration.