Paragon Development Finance funds £12.5m St Albans town centre scheme
The funding will support the delivery of 34 residential units and three commercial spaces at 67–69 St Peter’s Street.
Paragon Development Finance has provided a £12.5m facility to BQ Properties (St Albans) Limited for a mixed-use scheme in the centre of St Albans.
The funding will support the delivery of 34 residential units and three commercial spaces at 67–69 St Peter’s Street.
The 22-month facility covers build costs, professional fees, marketing and interest during construction.
Boom Construction will act as main contractor.
The scheme will offer one, two and three bedroom apartments with renewable energy technologies including air source heat pumps, photovoltaic panels and water waste heat recovery.
The projected gross development value (GDV) is £23.5m.
Mark Quinn, director at Aldenham Residential, said: “St Peter’s Street is a prominent and well-connected city centre location, and this scheme brings forward homes and commercial space in a way that aligns with and complements the existing urban fabric.
“We are pleased to be working with Adrian and Paragon again.
“Their support has enabled us to move forward and deliver the site with confidence, building on our track record of delivering well-located, design-led developments across Hertfordshire and the Home Counties.”
Adrian Reeves, senior relationship director at Paragon Development Finance, said: “This is a well-located scheme in one of the South East’s strongest residential markets, built by a skilled and reputed developer with a proven delivery record.
“It is great to continue my relationship with Mark, Oliver, and their team.
“This latest facility has been intentionally structured to support the build through to completion, recognising the appeal of the location and depth of experience behind the project.”
Mike Gaffney, director at GAP Funding, said: “Another successful transaction for our long standing and valued client relationship Boom Construction and funder Paragon, navigating a complex scheme, delivering a tailored funding outcome – an example of how the right structure of lender, intermediary and client partnership can deliver sustainable results.
“I would like to thank all directors, management teams, Mark and Oliver for their commitment, knowledge, experience and professionalism in securing this prime scheme.”
Oliver Clegg, managing director at Boom Construction, said: “This is a complex, constrained town centre site, and our focus is on careful planning, coordination and quality delivery throughout.
“Working closely with Aldenham Residential and the wider team allows us to maintain programme certainty while delivering a scheme that responds to the constraints and opportunities of a live town centre environment.”
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