The site currently comprises a commercial building with planning permission to develop 50 residential units in its place through an experienced developer, with all of the homes being affordably priced for the area.
This investment has helped Downing Development Finance – which launched in December 2017 – to exceed £50m of committed facilities across 20 different projects within its first year.
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“Downing Development Finance set out with the ambition of helping address the lack of financing for SME property developers,” said Parik Chandra, head of residential development finance at Downing LLP (pictured above).
“I'm confident that we are delivering on this aim, having now exceeded our initial £50m investment goal and we are also well on track to reach £100m of commitments during the course of next year too.
“There remains a structural undersupply of housing in the surrounding area of our latest funding project, making smaller-scale housing developments such as these absolutely vital."