Shawbrook, the specialist UK savings, development Finance, and bridging finance bank, has agreed a £17m development loan to Burnham Waters Ltd. The project to be funded is the first phase of construction on a sustainable retirement village, in Burnham-on-Crouch, Essex.
This initial phase will include 44 bungalows, of a total of 103 to be constructed by the project overall. In addition, there will be a care home with 70 bedrooms, 55 independent living flats, a gym, swimming pool, tennis courts and also shops and a surgery.
The retirement village will have a strong ecological focus and the scheme will aim for a 30% reduction in CO2 emissions (compared with the current building regulation requirements). All bungalows will be energy efficient and each will have a charging point for electric vehicles. Travel needs will be reduced by the amount of on-site facilities and an electric minibus service will be available for residents wishing to visit the local town centre.
Construction will start this month, with an expectation that the initial phase of 44 bungalows will be marketed by late spring/early summer of 2023.
Kate Chambers, finance director at Burnham Waters Ltd, said: “We’re creating a vibrant community for the over-55s in Burnham-on-Crouch, where residents can enjoy independence and privacy while being connected to friends, neighbours and a host of amenities.
Ian Holloway, project director at Burnham Waters Ltd, added: “Shawbrook Bank has proven to be a dependable partner that understands the intricacies of financing a multi-phase and complex project like Burnham Waters, and we’re on the cusp of starting this major project thanks to its support.”
Patrick Coughlan, relationship manager at Shawbrook Bank, commented: “Burnham Waters is an ambitious scheme, both in providing high-quality living on a large scale and in striving to be fit for a greener future.
“Our experience in property development and in healthcare means we’ve been able to help developers in the retirement living and care sectors, giving them access to specialist finance to deliver these much-needed schemes.”
Original article featured here…
Shawbrook recently expanded the remit of its new Enterprise group, led by Neil Rudge, managing director for business finance. This followed the departure of John Eastgate, managing director for property finance.
