The boutique developer’s scheme involves seven high end riverside apartments at Corney Reach Way, designed by architects Cove Burgess.
Fruition Properties closed a 24-month £4.6m development loan from specialist lender Sancus and two co-funders for the project’s delivery.
The development will replace a former restaurant building with a mixture of two- and three-bedroom apartments with balconies, associated amenity space including gardens, and car and cycle parking.
With the scheme having been previously refused in January 2018, the revised development now comprises one less residential unit and reduced overall height across the site.
Construction of the project is due to start imminently, with estimated completion expected in 2021.
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“With funding in place from Sancus, this boutique development will breathe new life into this vacant site, providing a selection of high quality riverside homes that neatly complement the existing community of Corney Reach, while also freeing up larger family houses further along the chain,” said Parul Scampion, chief operating officer at Fruition Properties.
Dan Walker, managing director at Sancus, added: “We were impressed by the experience and professionalism of the team and look forward to working closely together to see the project come to life.
“This collaborative approach, coupled with our deep understanding of development finance, is a hallmark of the Sancus proposition and enables us to deliver the kind of flexible funding our clients need.”