Aldermore has provided a £7.14m property development loan to award-winning new homes developer Hollins Homes Limited, in a joint venture partnership with Housing Growth Partnership (HGP), to fund a new housing development in Lower Bartle, Preston.
The loan will finance the first part of phase one of the project, consisting of 30 of the initial 55 homes, including affordable homes and 14 different house types.
Each house will feature off-street parking, and some will have garages. Additionally, the homes will be equipped with Ohme universal electric vehicle chargers to promote sustainable living.
The overall development, situated in a semi-rural location just five miles from Preston city center, will eventually include over 100 homes.
David Whitehouse, property development manager at Aldermore, said: “We’re delighted to be working with Hollins Homes and HGP to support delivering this exciting project.
“Stephen and his team have an excellent track record in securing sales on their sites which are always well planned and good value, and we are confident this upcoming development will serve demand for quality homes in Preston.”
Stephen Goodman, chief executive at Hollins Homes, added: “We are thrilled to be working with such esteemed partners as Aldermore and HGP to bring our vision for this exciting scheme to life.
“We know that the demand for good quality homes in the area is high, and we are confident that this scheme will meet and exceed those expectations.
“By working with Aldermore and HGP, we are able to utilise their expertise and resources to deliver a project that will make a positive impact on the local community”.
John McKeon, investment director at Housing Growth Partnership, added: “We are very pleased to be supporting Hollins Homes in the delivery of much-needed housing in Lower Bartle.
“We are confident that there will be strong demand for the quality housing that we have seen Hollins deliver on other schemes which we have supported. We are grateful for the senior debt support from Aldermore and look forward to seeing the project delivered.”
