Oakwood Group has secured a £13m acquisition and development facility from United Trust Bank (UTB) to support the delivery of a new residential scheme in Birkdale.
The new development will transform a former utility site into 33 new homes with a total GDV of approximately £19m.
The scheme will comprise 18 detached houses, 11 semi-detached homes and four large duplex apartments. Many of the properties will enjoy views across the Royal Birkdale Golf Course towards the coast. The £13m facility represents 68.5% LTGDV and 89% LTC.
Jonathon Ball, founder of Oakwood Group, said: “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.”
Huw Jenkins, senior director – property development, at United Trust Bank, added: “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.”
