Assetz Capital backs developer to tune of £3.4m
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Greater Manchester-based Pillars Holdings has secured £3.4m worth of funding from peer-to-peer lender Assetz Capital, which will be used to develop 14 luxury apartments in Derbyshire.
The new Ashbourne development will replace the existing property – a 1920s house that has stood empty for the last 10 years – with 14 luxury apartments, each complete with a balcony, terraces and gardens, secure underground parking and additional leisure facilities for all tenants.
The first tranche of the Assetz Capital loan, amounting to £830,000, was used to support Pillars Holdings’ acquisition of the 1.5-acre plot in September 2017. With plans to demolish the existing property early next year, the project is targeting completion by July 2019.
Worsley-headquartered Pillars Holdings currently has several other projects in construction and eight additional projects currently in planning. By Q3 2018, Pillars will have over 1,000 units, consisting of residential, student accommodation and commercial spaces.
David Austin, chief executive at Pillars Holdings, said: “When seeking finance to support this ambitious project, we found that there was very little support from high street banks and a hesitation to lend. We considered alternative options as we were keen to get this project off the ground in a relatively short time.
“We chose to work with Assetz Capital as they offered a transparent product backed up by an experienced team that understood the property market. The additional capital allows us to ensure the highest quality in our projects, and build apartments to the luxurious standard that our brand is known for.”
Neil Roper, regional relationship director at Manchester-headquartered Assetz Capital, said: “David has an impressive track record and has worked on projects ranging from grand stately homes to luxury residencies in the Cheshire region. We are proud to support the business with the Ashbourne project, and look forward to developing our relationship with the team over the next few years.”