The development facility has been announced as construction at Kensal Views is underway, with practical completion of the scheme set for late Q3 2022.
Located on Goodhall Street in the heart of the Kensal Green regeneration area, Kensal Views is set to provide 38 one, two and three-bedroom apartments, with almost all the homes set to be available to purchase through the government’s Help to Buy scheme.
The scheme is situated close to the amenities of Kensal Green, with numerous public transport links including the planned HS2.
“Yellow Brick Estates are pleased to announce the £10 million development facility from UTB for our new Kensal Views project,” says chief executive officer Tobias Chang Pico.
“The scheme will be providing Kensal Green with an outstanding collection of new homes which we look forward to launching in the coming months.”
Edward Weekes, manager of property development at UTB, adds: “I am delighted that UTB is supporting Yellow Brick Estates once again. As a regular borrower with whom we’ve built a strong and trusted relationship, we’ve been able to provide Yellow Brick with a variety of funding facilities.”
“We have been impressed with Tobias and his highly professional team who have demonstrated time and again that their reputation for delivering attractive homes and successful developments is very well-founded.”
Lodge Park Homes secures £14.3m funding for Priors Hall scheme
Property developer Lodge Park Homes has secured a £14.3 million finance package from Paragon Development Finance to support its Priors Hall Park housing scheme in Corby.
The funding has assisted the purchase of the land on London Road and subsequent development of 87 houses.
The scheme will consist of 36 two-bed, 46 three-bed and five four-bed homes, offering a range of terraced, semi-detached and detached properties.
Priors Hall Park is a new home neighbourhood set in 1,200 acres of Northamptonshire parkland. The Priors Hall scheme is due to be fully complete in September 2023.
This is Paragon’s ninth deal with the company, which was formed in 1998 and now boasts over 40 employees. The company has built over 1,000 homes in Northamptonshire and surrounding counties.
The deal was led on behalf of the bank by relationship director Adrian Reeves, with support from portfolio manager Bonnie McClosky.
James Browning, technical director at Lodge Park, explains: “Priors Hall Park is one of our largest developments to date and we’re excited to bring these much-needed new family homes to the market. They are located within the beautiful Northamptonshire countryside, but within commuter distance to both Northampton and Peterborough, as well as the train line to London or the Midlands.”
“Paragon is a company we have worked with over a number of years. Their relationship-driven approach fits perfectly with us; they fully understand our business and what we are trying to achieve.”
Adrian Reeves adds: “We’re very pleased to have completed another deal with this established regional developer which only strengthens our relationship. The homes on Priors Hall Park sell extremely well and I’m sure with the quality of homes Lodge Park deliver, these will be just as popular.”
Places for People and ilke Homes strike two-scheme deal to deliver 472 homes
Places for People, a British placemaking organisation, has partnered with ilke Homes to deliver 472 affordable modular homes in the South East and South West.
Following the largest deal yet for Britain’s modular housing sector in 2019, ilke Homes and Places for People have struck a two-development deal as confidence in offsite manufacturing (OSM) grows.
With more than 219,000 homes across the UK and some of the country’s most significant regeneration projects, Places for People’s backing of OSM will be welcomed as property chiefs respond to calls to speed up delivery, improve quality and fend off a construction skills crisis.
As part of the agreement and subject to planning permissions, Places for People will purchase two sites: a 307-home development in Burgess Hill, Sussex; and a 165-home development in Exmouth Junction, Exeter.
Both schemes will provide a range of apartments and two, three and four-bedroom affordable homes, which will be managed by Places for People and available for affordable rent or for sale through shared ownership.
Delivering more affordable homes in Exeter and Sussex is vital, with housing prices rising 7% and 14% respectively in the last year alone. Average asking prices in Exeter currently stand at £300,521, while prices in Sussex have reached £421,075.
Scott Black, group executive director of developments at Places for People, says by adopting modern methods of construction (MMC), the partnership allows the team to create more affordable, well-designed mixed-tenure communities across the country.
He comments: “The partnership is about pioneering a new way of delivering homes through making socially responsible decisions and working with best-in-class partners.”
“Our investment in modular housing across our developments and the proposed acquisition and delivery of Exmouth Junction and Burgess Hill forms an integral part of Places for People’s ambitious growth strategy to deliver high-quality affordable homes which meet people’s needs.”
Dave Sheridan, executive chairman at ilke Homes, adds: “We are extremely pleased to have secured these sizeable opportunities which demonstrate our continued investment and expansion across the South-East and South-West regions. These transactions mark a significant achievement for our modular business, with Burgess Hill being the largest for our business in both GDV and volume for a forward-sold turn-key delivery package on a single site.”
“Exmouth Junction is similarly the largest site to date secured and packaged in the SW region. We are proud to be delivering these homes in partnership with Places for People, making a considerable and accelerated contribution to the availability of affordable homes nationwide.”
The news of the deal, which comes two years after ilke Homes entered a strategic partnership with Places for People, follows last month’s announcement that the modular housing pioneer has been selected by FTSE 100 firm Boots UK to deliver the UK’s largest low-rise modular housing development – a 622-home scheme in Beeston, Nottingham. The deal marked the first time the retailer had released any part of its Nottingham HQ site holdings for housing.
As part of sweeping reforms to the planning system, the Government is encouraging the redevelopment of brownfield sites to bring new investment into areas and increase housing delivery.
Places for People is a strategic partner with Homes England. In 2018, it was one of the first organisations to be awarded a grant from Homes England and will deliver circa 6,000 affordable homes over the next 10 years through this partnership.
Homes England has also been championing modular housing as a solution to speeding up the delivery of affordable housing across the UK. Last year, the Government’s national housing agency announced that housing associations looking to sign deals under the new £11.5 billion Affordable Housing Programme will have to commit to using modern methods of construction (MMC) to deliver at least a quarter of their pipelines.