With a loan book of over £4.4billion, Together has agreed the facility with Citu, the developer behind the regeneration of large swaths of Leeds city center on both banks of the River Aire.
The funding will allow Citu to begin building the final residential phase of its Climate Innovation District. When completed, it is expected to be a premier community of over 1,000 new low-carbon timber-frame homes, supported by climate-friendly recreation, offices, a primary school, a care home and a “state of the art” facility where the buildings are fabricated.
Ian Pickering, head of development finance at Together, said the package was agreed to “support Citu’s ambition to tackle climate change by creating one of the UK’s largest sustainable urban developments”.
He comments, “Citu has an incredible vision, which in many ways joins ours as a leader in supporting programs that not only make a massively positive difference to the immediate local community, but also have a positive effect on the much larger population. .”
“Our £20m facility will help Citu achieve its ambitions of creating the next phase of its low-carbon, community-driven climate innovation district, to breathe new life into this area of previously industrial land. disused, while promoting new ways of urban planning. live and work. »
He adds: “Our experienced development finance team have demonstrated fantastic levels of service in completing this major transaction less than three weeks after visiting the site and the financing package signals our appetite for future growth in the Yorkshire region. .
When complete, the latest phase will include 55 homes and 87 apartments ranging from one-bedroom apartments up to 549 square feet to four-bedroom family homes up to 1,406 square feet.
The residential development, located on the north bank of the river, will also include three penthouses ranging in size from 1,256 to 1,456 square feet and 76 parking spaces.
As with all Citu homes, they will be built to the highest sustainability criteria and will not require a gas boiler. Instead, they rely on top-notch insulation, a sealed thermal envelope, and a mechanical ventilation with heat recovery (MVHR) system that recycles heat from appliances while bringing in fresh air.
The project is the latest of Citu’s projects funded by Together since 2007, mostly to revive urban wastelands or disused buildings.
Last month, the developer kicked off a new phase of Climate Innovation District homes on the market with the launch of Central Place – a range of three- and four-bed townhouses and one- and two-bed apartments. The area is also home to Leeds’ first zero-carbon commercial building, known as The Place, also funded by Together.
Chris Thompson, Managing Director of Citu, adds, “Our partnership with Together over the past fifteen years has been essential in enabling our business and the communities we build to thrive. We are excited to continue our collaboration and move the next phase of the Climate Innovation District forward.
Plans submitted for 67 apartments to ‘reinvigorate’ Paisley town center
A property developer has unveiled proposals for 67 new apartments to create “a new gateway to Paisley town centre”.
A request for 67 flats on the site of a former Department for Work and Pensions office in Lonend was approved by Renfrewshire Council’s planning department in early March.
Kelvin Properties, an award-winning developer renowned for regenerating urban brownfields into thriving residential communities, hopes its plans will provide a much-needed boost to downtown Paisley, which has been hit hard by the Covid-19 pandemic.
The site, vacant since 2018, is to the southeast of Paisley town center on the corner of Sauce Street and Lonend.
Kelvin Properties aims to redevelop the site – purchased in September last year – and provide high-quality, environmentally friendly residential apartments that will provide new homes for members of the local community and encourage others to s settle in the region.
Marc Taylor, Director of Kelvin Properties, said: “We hope to reinvigorate an abandoned vacant site and in doing so help reinvigorate Paisley.
“The location is fantastic from a sustainable travel perspective. We consider this a key gateway to Paisley town centre, for those traveling from the south along Lonend. We have sought to design and deliver a quality development that welcomes people to the heart of the city, while removing vacant buildings which can be an eyesore.
Taylor says the program’s proximity to downtown, along with its accessible pricing and “impressive green features” will be a major draw for first-time buyers and young professionals.
“We really believe this development can help Paisley thrive,” he adds. “We are now very excited to move our plans forward with Renfrewshire Council and bring our concept to life.”
Eco-friendly travel will be encouraged, with a bus stop directly opposite the site and two train stations within 10 minutes’ walk offering direct trains to Glasgow city centre. There will also be 15 active electric vehicle charging stations on site, helping to encourage the use of electric cars.
The urban regeneration specialist plans to reuse shredded materials from demolition as much as possible to accommodate the three flat blocks, while photovoltaic solar panels will be used on the roof to power the three apartment blocks and further reduce carbon emissions. carbon.
Some 25 one-bedroom apartments in the development have been designed to include a self-contained home-working space with the bedroom – a feature Kelvin Properties says will make the development sustainable in the wake of the pandemic.
If successful in planning, Kelvin Properties hopes to begin work on site later this year.
Paragon’s Green Initiative provides £5.3m funding for Winchester scheme
Paragon Development Finance has secured a deal as part of its Green Homes initiative, providing £5.3 million in funding to Shorewood Homes or its new development in Winchester.
The Shorewood Homes development consists of eight family homes spread over two sites located on Chilbolton Avenue, Winchester.
The development is expected to achieve an Energy Performance Certificate of A, with the company using the latest materials and construction techniques to produce homes that minimize their impact on the environment.
Paragon’s Green Homes initiative aims to support SME homebuilders developing new home properties with the highest energy performance standards. Under this scheme, developers delivering homes with an Energy Performance Certificate of A will receive a 50% reduction on loan exit fees.
The deal was spearheaded on behalf of Paragon by relationship manager Toby Burgess, with support from portfolio manager Joshua Mann. Paragon was advised by Brecher LLP, CBRE and MDA Consulting and the deal was brought by Citygate Commercial Finance.
Shorewood Homes is a property development company focusing on Winchester and the wider Hampshire area. The company aims to create sustainable homes that fit well into the traditional environment of Winchester, with period style elements.
Richard Wickins, Principal of Shorewood Homes, comments: “We are delighted to begin work on these two developments in Winchester, and proud that this is one of the first transactions under the Green Homes initiative of Paragon.
“We deliver developments on time and with exceptional quality, so we are confident that the new development will be popular with buyers. These homes will be built to ensure the highest energy efficiency, which will benefit occupants’ energy costs. and the environment.”
He adds, “We have developed a strong relationship with Toby and the development finance team; we appreciate their understanding of our business and their efficiency in dealing with them.
Toby Burgess, Relationship Manager with Paragon Development Finance, said: “Shorewood Homes have established a reputation as a provider of quality accommodation in Hampshire and we are delighted to support them for the second time.
“The eight homes we are financing are expected to achieve the highest energy performance rating, which means Shorewood will benefit from Paragon’s Green Homes initiative exit fee rebate. Providing funds to support the creation of energy efficient homes is of paramount importance to the bank and I look forward to working with Richard and his team. »