£2.3m funding package helps developer go green
A BLACK Country property development company has strengthened its sustainability credentials by using part of a £2.3m financing deal to invest in renewable energy sources.
Established in 2002, Cradley Heath-based Stewardson Developments has a portfolio of 125 commercial and residential buildings that it has refurbished and successfully let to tenants across the West Midlands.
The business, which works on both new build and redevelopment projects, wanted to ‘future-proof’ its portfolio and improve the sustainability of its properties to reflect the Government’s plans for new buildings to be zero carbon by 2016.
To achieve this, the company is fitting out its properties with solar panels to generate electricity, solar thermal for hot water and is implementing rainwater harvesting to re-use ‘grey’ water for toilets and washing machines.
The firm approached its long-term banking provider, Lloyds TSB Commercial, for funding to support its green plan and after securing the backing it has now installed solar panels at 15 of its properties. It is looking to implement sustainable measures to six of its properties each year from now.
The company, which has four employees and sub-contracts its building and maintenance work to local firms, has a strong track record of purchasing property and is always looking to expand its portfolio.
Philip Stewardson, director at Stewardson Developments, said: “We were keen to ensure our portfolio was doing its part to reduce carbon emissions, and we have already beaten our target of six installations per year. Feedback from our tenants has been incredible, leading us to expand our plans further, and in autumn 2012 we will be trialling air and ground source heat pumps.
“It is investment in modern practices like this and the commitment to ensuring each property is refurbished to the highest standards that has seen the business expand despite the building industry as a whole being particularly affected by the economic downturn.
“We have received fantastic guidance and support from the Lloyds TSB Commercial team since the business was established, and this funding package will help us to meet our ambitious long-term growth plans.”
Paul Atkinson, relationship manager at Lloyds TSB Commercial, said: “The quality of a Stewardson Developments property is easily recognised, and its impressive portfolio includes pubs, shops, petrol stations and flats across the West Midlands.
“We have a strong relationship with the business, and the Lloyds TSB Commercial team is always looking to support hard-working companies like Stewardson Developments that have a strategic plan for growth and a desire to succeed.”
