A new Build to Rent scheme is now on the way in Dagenham as Castle Trust Bank recently agreed to a £13.2 million development loan. Castle Bank specialises in savings, specialist finance, and retail finance arms.
The OXLO project will first involve the demolition of an existing warehouse. Once complete, the development aims to bring new residential apartments for private rent and ground floor commercial space to east London.
Consultancy and project management service Barking Dog Developments Limited have been commissioned to lead the development. The Essex-based development specialists aim to provide ground floor commercial space and 63 residential apartments for private rent.
Over 350 square metres of mixed commercial space, car parking spaces, and communal areas are also part of the plan. The residential units will include studio flats, one and two-bedroom flats and one-bedroom maisonettes.
The residential units should be a part four/part five storey building. A thorough visual outline of the proposed layout can be viewed here on the Barking Dog Developments website.
Simon Whitfield, head of development finance at Castle Trust Bank, says: “We’re delighted to be providing funding for this exciting project in Dagenham. The development is ideally situated, and there will be high demand for the units once they become available to rent. We’ve provided finance for projects undertaken by Barking Dog Developments before, and continue to be impressed by their experience, professionalism and expertise.”
Kirk Pickering of Barking Dog Developments Limited adds: “We are delighted to have concluded development funding with Castle Trust Bank for the OXLO Project, an innovative 60+ unit PRS scheme in east London. They supported the delivery team and understood the product, which is a continuation from a previous project also funded by Castle Trust Bank.”