Paragon Development Finance has provided an £8.8 million facility to fund Oakwood Group’s construction of 51 homes in Broughton, near Preston.
The funding will allow the North West developer to acquire the site on Garstang Road and build 51 new homes, including 20 affordable properties.
Broughton is about four miles north of Preston and has links to the M55 and M6 motorways, as well as public transport connections to Preston, Manchester, Blackpool and other regional centres.
The site is within walking distance of Broughton High School, which has held an outstanding Ofsted rating since 2022.
The scheme has an anticipated gross development value of approximately £20 million and will be delivered by Oakwood Construction (Northern) Ltd, Oakwood Group’s construction business.
The facility was led by Nigel Jackson, senior relationship director at Paragon Development Finance, with support from Shannon Altimas, senior portfolio manager.
Paragon and Oakwood Group have previously worked together on developments including a scheme in Ormskirk, Lancashire.
The homes are targeting EPC A ratings and will include AAA-rated double-glazed windows, enhanced insulation, energy-saving combi boilers, solar panels and electric vehicle charging points.
The development is eligible for Paragon’s Green Homes Initiative, which offers developers a reduction in loan exit fees when at least 80% of private homes achieve an EPC A rating and the remainder achieve at least an EPC C rating.
Jonathan Ball, managing director at Oakwood Group, says: “This scheme has taken considerable time and effort to bring forward and we are delighted to have reached this stage.
“Broughton continues to be one of the most desirable locations in the Lancashire area, offering a combination of excellent connectivity, high-performing schools and a strong community environment.
“Our focus is on delivering high-quality homes that meet the needs of a wide range of buyers while incorporating sustainability measures that help reduce energy consumption and future running costs.
“Having a funding partner that understands our business and shares our long-term approach has been invaluable throughout the process.”
Jackson adds: “We are pleased to support Jonathan Ball and the Oakwood team once again on what is an important development for the area. We have seen first-hand the quality of homes Oakwood delivers and their ability to create developments that respond to local housing demand.
“Broughton is an attractive location with excellent amenities, strong transport links and highly regarded schools, making it particularly appealing for families.
“The inclusion of affordable housing alongside energy-efficient homes will help ensure the scheme delivers long-term benefits for the local community.”
