Property developer secures £5.4m in funding for housing development

Nottingham’s Hockley Developments has secured a funding facility of £5.4m from Paragon Bank for the second phase of its Sherwood Library development on Spondon Street in Nottingham.

The upcoming phase will include the construction of 12 houses and 22 flats, with an anticipated completion date set for January 2025.

The initial phase of the project involved the creation of a new library, a Sainsbury’s, and 7 flats.

Within the second phase, 14 flats have already been sold, earmarked for supported living accommodation.

This marks Paragon’s fourth collaboration with Hockley Developments, following their support in various projects, including a £1.6m funding package to transform a former care home in Nottingham into 23 self-contained one and two-bedroom apartments.

The deal was spearheaded by Senior Relationship Director Steve Hallam from Paragon’s Development Finance team, with assistance from Senior Portfolio Manager Ashling Quinn.

Alan Forsyth, managing director at Hockley Developments, said: “It has been a pleasure to work with Paragon Bank on this new development loan. As has been the case when working with them previously, communication has been good at all stages, and the process has been smooth between all parties.

“We look forward to delivering this exciting new project in Nottingham, and providing some quality, much-needed housing over the next 12 months, with the support of Paragon.”

Steve Hallam, senior relationship director at Paragon Bank, said: “It’s been a pleasure to work with Alan and the Hockley Developments team on another funding facility, enabling the company to build more high-quality housing in the East Midlands.  We’re looking forward to seeing the positive impact this new site has on the local area and hope to continue working with Alan and the team to support them with more upcoming projects.”