A flourishing SME housebuilder has purchased 15 acres of residential development land in Houghton Regis, Bedfordshire.
Storey Homes aims to go head-to-head with large competitors as a result of the acquisition, with the land part of a consortium site on former arable farmland currently known as Bidwell West.
The area has been deliberately selected by Storey Homes for a standout low density scheme of houses set to feature prominent gardens and ‘impressive green space’.
The Milton Keynes-based company, which works on developments of 12-150 homes across Bedfordshire, Hertfordshire and Buckinghamshire, aims to provide 109 dwellings on the land, 33 of which will be affordable homes.
As well as the creation of new jobs during the construction phases, the traditionally designed scheme will deliver family homes for modern living.
Playing host to a combination of two-storey 2, 3, 4 and 5-bedroom detached and semi-detached properties on generous plots, the new abodes will complete a new community of 1,850 new homes.
Residents will also be set to benefit from a community centre, a two-form entry primary school, sports pitches and large areas of green space, while the development benefits from existing mature trees.
“This acquisition forms an integral part of Storey Homes’ planned growth strategy,” managing director Katy Jordan said. “We make very considered judgements and without the constraints of a plc, we’re able to approach our decision-making from a uniquely mindful position. Our first question when visiting a site is: would we want to live here ourselves? The sense of space we can offer at Bidwell West along with the exciting new multi-family community makes this development extremely appealing and allows us to continue to build on our strengths; creating quality homes whilst maintaining a supportive family orientated culture. “
Storey Homes at presents builds 50 homes a year with current projects found in Birch Meadow, Hertfordshire, and De Montfort Place, Bedford. Avoiding standard house types, the team at Storey Homes work alongside architects to create homes bespoke to the surroundings and the local community of each individual development.
New loans for Stonegate Homes
Pluto Finance has revealed that it has completed its fourth development loan to repeat borrower Stonegate Homes.
The £8.7 million ‘Stretched Senior Development Loan’ will fund a new 49-unit residential scheme in Gerrards Cross for Stonegate Homes, a leading developer active throughout Greater London and South East England.
This follows on from a £21 million ‘Stretched Senior Development Loan’ to the borrower last year on a 99-unit scheme in Godalming, Surrey.
“We are delighted to be providing our fourth loan to Stonegate Homes,” Greg Dunne, lending director at Pluto Finance, commented. “This again highlights the focus Pluto puts on repeat business with our clients, recognising the excellent customer service, pricing and flexibility that we offer. As a one-stop shop for property lending, we are able to provide Senior, Stretched Senior and Bridging loans to our borrowers - offering a solution for any property financing requirements."
Jerry Hinds, founder of Stonegate Homes, added: “We are delighted to have recently completed our fourth loan with Pluto Finance. It is a relationship that is continuing to grow and we look forward to working with them on more schemes in the future.”
Joint venture deal set to produce Newcastle apartments
The redevelopment of 152-156 New Bridge Street in Newcastle into 24 high-quality new apartments has moved one step closer after Morton Group signed a deal with Tyneside Group to fund and deliver the scheme.
The joint venture will bring forward the £6.6 million redevelopment known as ‘Regent Manor’, which was granted planning permission in July 2019. It will see the conversion of the existing 10,800 sq ft office block into 24 modern apartments offering a mix of one, two, three and four-bedroomed properties.
Situated nearby to the Northumbria University campus, Manors Metro Station and on one of the main routes into Newcastle, the scheme, which is being designed by Mawson Kerr Architects, is expected to appeal to young professionals and university students.
Construction is anticipated to start on site early this year, with completion expected by late spring 2021.
Morton Group, a Newcastle-based property and development specialist, will fund and build out the development through its delivery companies, Lok Developments and Kapex Construction.
This latest deal represents the fifth development deal signed by Morton Group in the last 20 months, with the firm also behind a number of luxury residential schemes in Newcastle including Regents Plaza Apartments and Sycamore Square in Gosforth.
“We’re delighted to partner with Tyneside Group to bring forward Regent Manor,” Gary Morton, group chief executive officer of Morton Group, said.
“Our unique company structure, which includes our delivery companies Lok Developments and Kapex Construction, allows us to raise the required development funds as well as manage the construction of the scheme on the ground.”
He added: “Our strong commitment to quality and accountability means we will deliver the best possible results for Tyneside Group and for the future residents of Regent Manor.
Morton said the development’s prime location on a main route into Newcastle, high-quality design and ambitious project team made it ‘another fantastic residential scheme for us to take forward.
Robbie Kalbraier, managing director of Tyneside Group, commented: “Having obtained planning permission in summer 2019, we are now excited about joining with Gary and his team to create an exceptional new residential development in Newcastle at the start of a new decade.”
Law firm Weightmans managed the joint venture agreement on behalf of Morton Group, and Square One Law worked for Tyneside Group.