Chris Baguley, Bridging Finance.
New life for mothballed sites
Developers are snapping up mothballed properties, as economists predict more stability in house prices over the next few years.
A number of property schemes were mothballed following the property slump and are now being bought as funding and grants become available. Developers are gaining confidence in the market and reviving dormant schemes as rent prices hit an all time high. House prices also increased 0.8 per cent in April representing the largest monthly growth since January 2010. The Centre for Economics and Business Research predicts the cost of an average home will gradually rise 16 per cent in London as the market returns to growth. Chris Baguley, MD of Bridging Finance
Limited, a provider of bridging loans, said, “We’re seeing increasing numbers of dormant property development schemes being revived. The property market is starting to pick up again as investors gain confidence and secure funding. We’re lending to developers who downed tools during the recession and are now completing existing schemes as well as property professionals who have bought sites after the original owner wants to offload the site or they can’t get available funding. “News of predicted house price rises in the next couple of years means developers are snapping up opportunities to buy developments that have been idle. They are now more confident that when the development has been revived, they will be able to sell on or let the properties and achieve a good yield. “We’re seeing lots of companies coming to us through our professional partners for bridging loans so they can purchase schemes as quickly as possible and then get long term funding in place with their traditional lenders.” Property developer UK Land and
Property recently revealed it will complete the Sarah Point scheme in Manchester, which stalled in 2008 following the demise of the property developer. The revival has been made possible by a £2.5m grant from the Homes and Communities Agency.
Major new residential developer, London Square, has begun construction on its first development in Wimbledon Village, London, SW19.
First site for London Square
New residential developer, London Square, has begun construction on its first development in Wimbledon Village, London, SW19, just half a mile away from the world famous All England Lawn Tennis Club. The site at 115 The Ridgway, which is just
under 1.2 acres, is the former home of the Ursuline Marie Reparatrice Convent, and occupies a prime position alongside Wimbledon Common Preparatory School and opposite King’s College School. London Square has entered into a
development agreement with Spencer Phoenix to build the £30 million scheme. The site has planning permission for a gated development of ten semi-detached and detached family homes, all set within mature landscaped grounds with parking. The selection of traditional and contemporary design properties will range in price from £2.5 to in excess of £3.75 million and
the properties will launch for sale in spring 2012. Completion of the project is expected by summer 2012. Adam Lawrence, chief executive of London Square, said, “Wimbledon Village is our first scheme and it sums up what London Square is all about – building on prime sites in outstanding locations within the M25, where there is significant, pent-up demand for new homes. Having launched as a new developer just six months ago, our land buying team has been very busy, and Wimbledon Village will be the first of several London Square developments to get started in 2011.” London Square launched in June 2010 with £100 million of backing. The company’s plan is to reach a target of building over 600 new homes annually within the next five years, with the aim of becoming one of London’s top housebuilders.
Mount Anvil strengthens team
Martin McAtamn Pre-Construction Project Director at Mount Anvil
London developer Mount Anvil has made two senior appointments to its growing team as it continues to invest in major development sites. Martin McAtamney has been appointed in the new role of Pre-Construction Project Director while Luke Lancaster joins
as Senior Land Manager. These roles have been created in line
with Mount Anvil’s recent acquisitions of sizeable development sites, including the 3.5 acre site in Wandsworth Town. The £155 million project will be spread across two phases as part of the regeneration of the town centre. Martin McAtamney’s primary role will
be in managing new sites prior to building getting underway, a role similar to the position he previously held at Ballymore
and prior to that he worked as a Senior Project Manager at Laing O’Rourke. Martin will work to ensure schemes are fully designed in the pre-construction period, ensuring they achieve top value and a clear build methodology prior to handover to the construction delivery team. As senior Land Manager, Luke Lancaster will be working to support the Land Team in identification, appraisal and acquisition of land opportunities. He will focus on Mount Anvil’s core development areas of Islington and the City as well as identifying new strategic areas. Luke
Luke Lancaster, Senior Land Manager at Mount Anvil
joins the company from Gerald Eve where he was working in the role of Development Surveyor. In his previous role, Luke worked as a land disposal agent.
PROPERTYdrum AUGUST 2011 49
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