Oakwood Group has secured a £8.8m development finance facility from Paragon Development Finance to support the delivery of a residential scheme in Broughton, near Preston.
The funding will enable the North West developer to acquire a site at Garstang Road, Broughton, and develop 51 new-build homes, including 20 affordable housing units.
The development has an anticipated gross development value of approximately £20m and will be delivered by Oakwood Construction (Northern), Oakwood Group’s construction business.
Jonathan Ball, managing director of Oakwood Group, said: “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.”
Nigel Jackson, senior relationship director at Paragon Development Finance, added: “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.”
