Charles Street Finance has provided £950,000 in development funding for two premium homes overlooking the Menai Strait in Anglesey.
The commercial finance provider supported repeat borrower Gary Poole, of Lingar Holdings (Chester) Limited, on the scheme at Beach Road, where two executive homes have been built into the rock face overlooking the Menai Strait and Menai Suspension Bridge.
The site was acquired in July 2021 for £535,000, with planning permission later granted for two dwellings. Existing buildings had already been demolished, with excavation, drainage and raft foundations completed, before Poole sought development finance from Charles Street to fund the build and professional fees.
The completed homes have a gross development value of £2.7 million and are expected to achieve sale prices of £1.4 million each. They are now being marketed for sale on the open market.
The properties include garage space at ground floor level, bedrooms on the first floor and living space on the second floor, designed to take advantage of the waterfront views. The build required a technical construction approach because of the rock face setting, while flood risk also had to be reflected in the design.
Poole says: “Locations as unique and impressive as this hardly ever come onto the market, so it was important that I was able to move quickly and effectively on this opportunity.
“I was fortunate to have found a finance partner who could support my vision and its technicalities in both a similarly quick and effective way.
“Charles Street’s support has been paramount to the success of this project, and their team are a joy to deal with. Through the relationship established with the Charles Street team we have developed mutual trust that each party will deliver on its promises to ensure the success of any project.
“I’m truly delighted in the result and bringing this unique project to life has been a privilege; we are already working with Charles Street on the next project and hope to continue to do so in the future.”
Tom Garthwright, property development manager for Charles Street, adds: “We were delighted to support our repeat customer on this impressive residential development. From the outset we understood the vision that Gary had for the site and his ability to deliver a first-class product.”
