£10m housing scheme under way following Homes England funding
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Plans for 31 new three- and four-bedroomed family homes in Hadfield, Glossop, have been announced after Cowgills Property Finance team secured £3.38m of funding from Homes England.
The Uplands development, at Wooley Bridge, is being brought forward by Richard Lloyd Developments, led by principals Paul Feehan and Mark Jones.
David Rainford, Cowgills’ property finance director and MD of sister company PMJ Capital, has been working closely with the developer and Homes England to secure funding for the scheme which, when complete, will have a gross development value of more than £10m.
David Rainford said: “Through our sister bridging finance business PMJ Capital we were able to provide early stage funding to assist with site, planning and working capital costs over the last two years.
“With that initial loan in place and a willingness to roll forward part of the facility we were able to be flexible and secure the funding package with Homes England.”
He added: “We’ve worked tirelessly with Paul and Mark to not only deliver appropriate funds at each stage, but to support them through a lengthy reserved matters planning progress during the entirety of the pandemic.
“We’re excited to see this development now progress at pace to completion.”
Paul Feehan said: “Uplands is a great site which will deliver much needed new homes for the local area now we have full funding in place.
“It has been a real team effort through some extremely challenging times and without Dave Rainford’s support, guidance and sheer perseverance throughout the process the scheme would not be now coming out of the ground.”
He added: “The demand for high quality family homes in good locations shows no signs of slowing down, despite the removal of the Stamp Duty holiday, which is really reassuring.
“The build programme with TAD Construction is now well under way and reservations at Uplands are going really well with over £2m-worth of houses reserved already.”