Paragon Bank, the specialist lender, has facilitated property developer Harbright with a £10m funding package to fund the redevelopment of a former office building in Hounslow into homes.
The funding will be used to support the conversion of Whitlocke House in Hounslow’s town centre into a high-specification residential development. The development will consist of 26 one-bedroom and six studio apartments, under permitted development rights.
The re-development is next to the borough’s new civic centre and in close proximity to Hounslow Central underground and overground stations and retail shopping centre, currently undergoing a multi-million-pound transformation.
Harbright acquired the 0.34-acre site in 2019. The site has a total GDV of £24m.
It is understood that prices for the homes will start from £260,000.
Jacques Bingham, director at Harbright, said: “The team at Paragon were professional, knowledgeable and very understanding of the difficult circumstances we were all working through under Covid-19.
“They were quick to grasp that, despite these conditions, Whitelocke House will be a high quality build, at an attractive price point for both first-time buyers and investors.”
Adrian Reeves, relationship director at Paragon, added: “It’s great to support an existing client to provide homes at this price level in Hounslow.
“This deal further strengthens our relationship with the client as we continue to support them throughout this challenging time in the market.”
Original article featured here…
Hounslow is one of the Mayor of London’s housing zones due to its strategic location and impressive transport links.
The news comes after Paragon recently announced strategic plans to expand their growth and presence in the North West.
Founded in 1985, Paragon Bank have a wide range of competitive and flexible products that are perfect for experienced developers. These range from loans for residential development and student accommodation, right through to marketing period loans which allow you time to promote your project following its completion.
Paragon Bank PLC say that they are proud to be a specialist lender and savings bank offering a range of products and services in the UK.
