West-Sussex town Arundel poised for development thanks to Paragon package
The 'Arundel Gate' new housing development in the West Sussex town has moved a step closer, having secured a £30 million funding package from Paragon bank.
Arundel Gate Finance is partnering with Kent-based developer Esquire Developments on the scheme, off Ford Road, which will be a mix of 63 two, three, four and five-bedroom houses for private sale.
It will also consist of one-bed maisonettes, plus two and three-bed houses for affordable housing.
The funding package includes a £12 million revolving loan facility.
"We are excited to welcome our new client Arundel Gate Finance and its development partner Esquire Developments, which has built a fantastic reputation in the industry," said Toby Burgess, Paragon development finance relationship director.
"This scheme will deliver a selection of low-density family homes, attractive outside space and amenities, as well as much-needed affordable accommodation."
Paul Henry, the managing director of Esquire Developments, added: "After high demand and success in Kent through both our large and small developments, we are excited to bring new homes and set new standards to such a highly regarded community.
"The development will have a showhome, sales and choices suite which will allow prospective clients to personalise their new home from our large selection of high-specification finishes, which is a huge benefit of purchasing off-plan.
"We are already receiving enquiries about Arundel Gate which is an encouraging start as we begin to prepare for the launch of this highly anticipated development."
The project, set to launch sales at the end of 2023, is set to be all-electric and offer a 50% reduction in carbon emissions through air source heat pumps and a fabric-first approach to the homes themselves.
It will be constructed on land owned by the Norfolk estate.
The finance has been provided by Paragon’s development finance division in a deal led by relationship director Toby Burgess and senior portfolio manager Joshua Mann.
Paragon was advised by lawyers, Thomson, Snell & Passmore, CBRE (as valuer) and Regency Grove (as project monitoring surveyor).
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