BQ Properties (St Albans) has secured a £12.5m facility from Paragon Development Finance to support the development of a mixed‑use scheme in the heart of St Albans.
The funding will enable the delivery of 34 one-, two- and three-bedroom residential units, alongside two ground floor and one basement commercial unit, at 67–69 St Peter’s Street.
The 22-month facility will support build costs, professional fees, marketing costs and interest across the construction period. The circa £23.5m GDV scheme will be delivered by Boom Construction, the developer’s in-house main contractor.
Mark Quinn, director at Aldenham Residential, said: “St Peter’s Street is a prominent and well-connected city centre location, and this scheme brings forward homes and commercial space in a way that aligns with and complements the existing urban fabric. We are pleased to be working with Adrian and Paragon again. Their support has enabled us to move forward and deliver the site with confidence, building on our track record of delivering well-located, design-led developments across Hertfordshire and the Home Counties.”
Adrian Reeves, senior relationship director at Paragon Development Finance, added: “This is a well-located scheme in one of the South East’s strongest residential markets, built by a skilled and reputed developer with a proven delivery record. It is great to continue my relationship with Mark, Oliver, and their team. This latest facility has been intentionally structured to support the build through to completion, recognising the appeal of the location and depth of experience behind the project.”
Mike Gaffney, director of GAP Funding, who introduced the deal to Paragon, said: “Another successful transaction for our long standing and valued client relationship Boom Construction and funder Paragon, navigating a complex scheme, delivering a tailored funding outcome – an example of how the right structure of lender, intermediary and client partnership can deliver sustainable results. I would like to thank all directors, management teams, Mark and Oliver for their commitment, knowledge, experience and professionalism in securing this prime scheme.”
Oliver Clegg, managing director of Boom Construction, added: “This is a complex, constrained town centre site, and our focus is on careful planning, coordination and quality delivery throughout. Working closely with Aldenham Residential and the wider team allows us to maintain programme certainty while delivering a scheme that responds to the constraints and opportunities of a live town centre environment.”
