First West Midlands funding agreed under Get Britain Building scheme

The HCA has exchanged contracts with developer Crest Nicholson for £3.96 million of investment from the fund. Work can now begin on the latest phase of the Park Central project, which will see the development of two residential buildings named Park Plaza.

The buildings will provide 132 one- and two-bedroom apartments and a 139 space car park, located in the central part of the development. A paved walkway will link together the upper and lower park areas of the site.

Twelve phases have already been completed on the development on the 61 acre site in the former Lee Bank area of Birmingham, delivering 1100 homes. The completed project will provide over 1600 homes.

“It is great news that Crest Nicholson can get work back on track at Park Central and that the Get Britain Building programme continues to deliver new housing and safeguard jobs," said HCA head of Midlands Central, Anne-Marie Simpson. "This news will be a major boost for Birmingham and its ambitions for news homes and economic growth.”

“Government initiatives such as Get Britain Building are essential to help stimulate the housing market and are fundamental to unlocking future growth," said Crest Nicholson regeneration chairman, Chris Tinker.

"Bringing forward much needed new housing in partnership with the public sector is a key objective for us, and securing this latest funding allocation for the next phase of development is Park Central is a major step that means we can now concentrate on future delivery. The scale of this site makes it a significant addition to the Birmingham housing market, and we are committed to developing a prosperous community that not only creates new homes, but also brings new life and new long-term opportunities to the area,” he said.

The Get Britain Building scheme was announced by the Government in November 2011 as part of its Housing Strategy. It provides recoverable development funding to enable work on stalled sites with planning permission. The programme aims to unlock up to 16,000 new homes across the country by December 2015.