Shawbrook, the specialist UK savings, development finance, bridging finance bank, has provided a £9.1m funding facility to Featherstone Homes to transform a former MOT garage and bus depot into modern residential homes and commercial units.
The scheme on Streatham Road, Merton, includes 30 new residential homes with commercial space at ground-floor level.
The space was previously home to numerous single-storey light industrial buildings, and most recently used as an MOT and repair garage.
The site has now been redeveloped by Featherstone Homes to comprise of new homes designed for modern day living and a single residential block over two-, three- and four-storeys.
There is also a ramp to a ground-floor car park for accessibility, and landscaped podium gardens located to the rear.
Rowan Stewart, director at Featherstone Homes (pictured above), said: “We aim to develop not only modern but striking homes that demonstrate attention to detail and high-end specification.
“By fully understanding what our buyers are looking for, our developments exceed modern living demands using the latest design, quality materials and new technologies.
“[This] is our flagship development and a strong representation of what Featherstone Homes represents.”
Shawbrook was introduced to this project by Adrian Dadds of Mulgrave Finance.
Rowan added: “As a specialist lender, Shawbrook provided us with a funding facility to assist with the redevelopment of the site.
“They were an extremely flexible, responsive and knowledgeable lender, particularly as we attempted to overcome barriers to complete a redevelopment project in the midst of the Covid-19 pandemic.”
Terry Woodley, managing director of development finance at Shawbrook, commented: “We are delighted to have supported this ambitious and technically-challenging scheme, and to have worked so closely and successfully with such an innovative and creative property developer in the form of Featherstone.
“From the very beginning, our close relationship with the client ensured that we understood their specific requirements and could provide the funding to complete the development successfully despite market uncertainty, initially in relation to Brexit and then, more recently, Covid-19.
“As a specialist development finance provider, our understanding of the market and also of the challenges that SME property developers are facing in this climate allowed us to adopt good sense and judgement to help Featherstone complete an outstanding redevelopment project in the area.
“With over 70% of unit sales now completed, this development demonstrates that Featherstone Homes is providing modern, well designed new-build apartments in the right locations and with strong demand from buyers and we are delighted to be supporting them.”
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Shawbrook supports the UK’s SME’s and individuals with a range of lending and savings products.
Since the establishment of Shawbrook’s development finance team, it has successfully provided more than £650m in finance for projects across the UK.