Build-to-rent start up Goodstone to build out Eutopia’s 500-home Brum regeneration project

Start up build to rent developer Goodstone has purchased its first development from housebuilder Eutopia Homes. The site, a 500-home scheme in Digbeth, Birmingham has already secured planning permission.

Goodstone, backed by Australian investment bank Macquarie and launched by the former Essential Living co-founders Darryl Flay and Martin Bellinger, plan to raise £1bn in debt and equity.

Eutopia secured planning permission last March for the four-acre Camp Hill Gardens scheme. The development includes co-working areas, 22,000 sq ft of landscaped private gardens and rooftop terraces, as well as additional commercial and retail space to be let at a discount to local businesses.

The Darling Associates-designed scheme is also designed to deliver a 50% saving in carbon emissions beyond existing regulations.

Eutopia in March secured permission on appeal to the secretary of state after the council opposed the scheme due to concerns it could jeopardise the delivery of a future rail upgrade envisaged in the area.

Martin Bellinger, principal at Goodstone Living, said Birmingham had a large pool of potential residents demanding high-quality, purpose-built and professionally managed rental accommodation which made it “the perfect place for our first development project”.

Scott Hammond, founder and CEO at Eutopia Homes, said: “We are delighted that Goodstone Living has backed our vision for Digbeth, a key growth area within Birmingham.