Octopus Property has provided Blackswan Developments with a 12-month £10.15m acquisition loan for the acquisition of a development site in central Birmingham.

The 3.6 acre site, which is currently a Mr Tyre storage facility, has planning consent to deliver a mixed-use scheme comprising 395 apartments for rent, including 38 affordable units.

Ludo Mackenzie, Head of Commercial Property of Octopus Property, said: “We are pleased to be supporting an established local developer with the proposed development of this industrial site into a major PRS scheme, in what is an historical and sought after part of Birmingham. The scheme’s viability is well supported by attractive supply and demand dynamics, as well as the wider regeneration activity in the Jewellery Quarter.”

There will also be 32,600 sq ft of ground floor retail and leisure space and 120 undercroft parking spaces. Residents also benefit from access to 10,000 sq ft of amenity space, including residents’ gym, lounges and a spacious lobby.

Marcus Hawley, Managing Director at Blackswan Developments, said: “We are delighted to have completed the purchase of the Hockley Mills site, funded by our partners at Octopus Property. This is another important step in developing one of our key sites in the heart of the Jewellery Quarter.”