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editum Capital recently provided a £20.6m mezzanine facility for the largest permitted development rights scheme to date - the conversion of New Horizons Court, Sky’s former HQ in Brentford, into 268 luxury apartments. PDR schemes represent our ‘sweet spot’, for a number of key reasons.

The government has promised big measures to ‘fix the broken housing market’, and PDR is one such measure. PDR fast tracks the approval and build of housing, enabling developers to convert offices using a simplified prior approval process. Another benefit to PDR is that there are no room size constraints, and there is no requirement to build affordable housing. This combined with prior approval and a much quicker build time, makes PDR an appealing proposition for developers, investors and lenders, as the potential returns are higher and the timetables shorter.

And, of course, in the current climate the demand for new-builds is high. The government’s Help to Buy (HTB) scheme, where the buyer has to provide just a 5% deposit and up to 40% of the loan amount


ungate (York) Regeneration Limited has secured funding from NatWest to support the third phase of the Hungate residential development in York. The development is a joint venture between Evans Property Group and Lendlease. NatWest has provided financing to build 101 high-quality apartments in York’s historic town centre. Prices for the one, two and three bedroom apartments start at £198,000. Built around an attractive landscaped garden, the apartments are ideally located for commuters, with both Leeds and Newcastle a short train ride away. Phases one and two of the


development, completed in 2009 and 2017 respectively, have proved popular with buyers and residents. Paul Millington, Finance Director at

Evans Property Group, said: “Our partnership with Hungate Regeneration has proved incredibly successful in delivering much needed housing options in York.

“NatWest has been instrumental in supporting the development, and we look forward to continuing to work with the bank’s team.”


is interest-free for five years, applies only to new-builds. This together with the stamp duty cut, means that getting onto the ladder has once again become an achievable aim for first-time buyers. At Reditum Capital, we take a joint venture (JV) approach to

financing, typically investing our own capital and that of syndicated

investors alongside the developer, meaning developer capital is dramatically reduced. Our JV method means that PDR is particularly attractive for us, as we’re as invested in the success of a project as the borrower is, and are similarly incentivised to limit our exposure time. New Horizons Court is a principal example of where we have successfully applied our


etro Bank, the revolution in British banking, has today announced that it has provided long-standing customers, Brookway LP and Southgate Views Limited, with a £14 million funding package to refinance an established portfolio of residential and commercial property in Southgate, North London. Brookway LP, which has been a customer of the bank since 2014, manages 13 prominent retail units, with its subsidiary, Southgate Views Limited, managing the lettings of the 37 newly developed flats, located directly above the retail units.


Mark Stokes, Managing Director Commercial Banking at Metro Bank said: "I am extremely pleased that Asim Shirwani, Head of Residential Investment, and his team were able to meet the needs of Brookway LP and Southgate Views Limited with this tailored funding package. By having a dedicated Commercial Real Estate team, with extensive knowledge of the sector, we’re able to get under the skin of companies and provide them with flexible solutions designed around their needs, whether they’re acquiring, developing or refinancing.”

JV funding method to a substantial PDR scheme, and of what we’re keen to do more of moving forward. For more information visit or email


ric Wright Group has refinanced its existing core facilities with an increased funding package of £35m from Royal Bank of Scotland.

The additional funding will ensure that the award-winning Group continues to see growth, stability and profitability over the long term, further establishing itself within the North West construction and real estate sector and supporting a pipeline of exciting future projects.

The Group, based in Bamber Bridge,

employs 645 people across the region working within a number of sectors. Amongst its current projects is the 65 hectare Cuerden strategic development site being brought to market in partnership with Lancashire County Council. The construction business is also heavily involved in the construction of numerous private residential schemes within central Manchester, helping the regeneration of areas around Ancoats. Being 100% owned by a charitable trust enables the business to retain a close relationship with the community in the North West by reinvesting its profits through donations and corporate social responsibility initiatives.


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