United Trust Bank Property Development has provided a £13m acquisition and development facility to Oakwood Group for a residential scheme in Birkdale.
The funding will support the redevelopment of a former utility site into 33 homes with a gross development value of approximately £19m.
The scheme will comprise 18 detached houses, 11 semi-detached homes and four large duplex apartments, targeting family buyers and downsizers.
The facility represents 68.5% loan-to-gross-development-value and 89% loan-to-cost.
Many of the properties will have views across Royal Birkdale Golf Course towards the coast, while the larger homes will feature open-plan living spaces and premium finishes. All 33 properties are expected to achieve EPC A ratings.
Oakwood Group, founded by Jonathon Ball in 2014, is a returning UTB borrower. The lender also supported another £12m Oakwood development which is approaching practical completion.
Jonathon Ball, founder of Oakwood Group, says: “We are delighted to be commencing this development having committed significant time and effort progressing the scheme through a challenging planning process.
“It has been great working with Huw and the UTB team once again. Huw understands our business and our ambitions and UTB’s support enables us to move forward with confidence on what will be one of our most exciting developments to date.”
“Birkdale remains one of the North West’s most desirable residential locations.”
Huw Jenkins, senior director of property development at United Trust Bank, adds: “One of the most satisfying aspects of development finance is supporting experienced developers as they grow their businesses and move on to increasingly ambitious schemes. Having already worked successfully with Oakwood Group on another substantial development, we were keen to support Jonathon on this prestigious project.
“Birkdale remains one of the North West’s most desirable residential locations and this is a well-designed scheme offering a strong mix of contemporary homes for a range of buyers. Jonathon and the Oakwood team have created a development which makes the most of its exceptional setting whilst delivering attractive, high-quality homes which we believe will be very well received by the market.”
