Paragon Development Finance has provided Burrington Estates with a £28 million funding package to support its 'prestigious' Winslade Park development in Exeter.
Burrington Estates is redeveloping the extensive 86-acre estate and Winslade Manor at Clyst St Mary, which is set to ultimately result in luxury housing, office space and 'considerable leisure facilities'.
Paragon’s support will finance the development of up to 80 residential units across two parcels of land, with the development including both luxury apartments built opposite the Manor House and a range of high specification houses. The scheme is said to benefit from high sustainability standards including PV solar panels, air source heat pumps and electric car charging points throughout.
The deal has been structured on the basis of outline planning, with Burrington Estates inching towards securing detailed planning permission, ahead of beginning work on site.
This isn't the first tie-up between the two companies, with Paragon and Burrington Estates having a long-standing relationship, including a range of ongoing projects together across Burrington’s South West and Central divisions.
The latest funding has been led on behalf of Paragon by senior relationship director Oliver Thompson and senior portfolio manager Daniel Cresswell.
“We really appreciate the continued support from Paragon Bank and look forward to delivering this exemplar project at Winslade Park in partnership with the bank. A particular thank you to Oliver Thompson and Daniel Cresswell for being very flexible with the terms to suit the deal and for fast and efficient transaction execution as always,” Mark Edworthy, managing director of Burrington Estates, said.
Oliver Thompson added: “We’re delighted to partner with Burrington as they deliver this landmark development in their home city. The team have obtained planning approval for an exceptional proposal to sustainably redevelop Winslade Park, whilst maintaining the character of the Grade 2* listed Manor House and surrounding buildings. I’m excited to see Burrington bring the proposal to life with their typical high-quality finish and design.”
You can find out more about the Winslade Park project by visiting its website.