Housing development takes shape following £3.6million funding package
Established specialist lender Together has agreed a £3.6million funding facility for a luxury family-orientated homes development in South Yorkshire.
Bespoke housebuilder Walshaw Homes is constructing 22 high-quality homes on a plot of land on the site of a demolished social club in Main Street, Hackenthorpe, Sheffield.
The developer’s funding partner, Together, provided the finance package for the ‘Valley View’ scheme of three and four bedroom luxury homes.
The homes, which are available for between £225,000 and £350,000 have received “significant” interest from off-plan buyers, despite not yet having been completed said Walshaw Homes Managing Director Joel Richards.
He approached Together, which provides commercial and development finance – and has a loan book of £4.8billion – after acquiring the site of the long since demolished Cherry Tree Social Club.
Becky Hall, Head of Origination at Together, said: “We agreed to provide the funding after seeing the potential of the location and having been really impressed with the vision of Walshaw Homes and its Managing Director, Joel Richards.
“I already had a strong business relationship with the developer, having worked with them in the past, so it’s great to help Joel and the team realise their ambitions for this latest scheme as it begins to take shape – it will bring quality housing to meet the needs of Sheffield’s growing population.”
Planning permission for the housing scheme was granted in November last year, allowing construction to begin in June. It is expected to be completed by August 2023.
Joel Richards said: “Construction is now well underway, with foundations in place for five of the plots, and there has been a huge amount of local interest.
“These new, modern two and three storey homes will be ideal for couples and young families and are next door to local shops with other amenities such as the Crystal Peaks shopping centre and the Rother Valley Country Park just on the doorstep.”
He added: “It’s fantastic that Together has agreed to support us. It’s particularly beneficial to have a lender on board which really understands the needs of developers like us and is willing to help turn our exciting vision into a reality.
“The finance was arranged very quickly – from initial contact to receiving the funds took between four and five weeks, with everyone pulling together to get the deal done.”