Historic £23.6 Million Financing Secured by Storey Homes
In an exciting development for the residential property sector, Storey Homes, a family-run business based in Buckinghamshire, has secured a significant funding facility of £23.6 million for a new site in Houghton Regis, Bedfordshire. The funding, provided by Barclays, marks yet another large development for Storey Homes and will enable them to deliver Bidwell West, a new settlement of 109 homes, including 33 social housing properties.
Construction at Bidwell West has already commenced, with the first completions due in October 2021. The primary target audience for this development is families seeking to improve their lifestyle, including London-based buyers looking for rural locations with work-from-home space, private gardens, and access to countryside leisure activities. Bidwell West will feature two, three, four, and five-bedroom homes.
Robert Orr, Managing Director at Paragon Development Finance, a specialist lender, expressed confidence in Storey Homes' ability to deliver an exceptional housing scheme for Bedfordshire. He commented, "We are delighted to support Storey Homes in their ambitious plans for Bidwell West. Their commitment to delivering high-quality homes and their understanding of the local market make them an ideal partner for this project."
Storey Homes is also nearing completion on the final phase of a development of 1-5 bedroom homes at De Montfort Place in Bedford. Additionally, twelve homes are in progress in the village of Barkway. The Managing Director at Storey Homes, Katy Jordan, anticipates an increase in demand for better quality of life in counties like Bedfordshire post-pandemic.
To cater to this anticipated demand, Paragon Development Finance offered a revolving facility, specifically tailored to the Bidwell West scheme. This funding will ensure that Storey Homes is in a position to make Bidwell West a reality and prepare for the future.
The Place, Kempston, another unique development by Storey Homes, is also progressing well. This development includes the restoration of a 19th-century manor house and consists of 55 homes. The first completions at The Place, Kempston are due at the end of March.
With this latest funding, Storey Homes continues to demonstrate its commitment to delivering quality homes and contributing to the growth of the residential property market in Bedfordshire and beyond.
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