Arundel Gate Finance has secured £30m of funding from Paragon Bank, including a £12 million revolving loan facility, to assist in the development of 90 high-quality residential homes in Arundel, West Sussex.
The company has appointed Kent-based developer Esquire Developments as development partner on the Arundel Gate scheme, which is a mix of 63 two, three, four and five-bedroom houses for private sale.
The scheme will also consist of one-bed maisonettes, plus two and three-bed houses for affordable housing.
The development, located off Ford Road in the castle town, will be all-electric, resulting in a development that is carbon efficient, offering over a 50% reduction in carbon emissions through air source heat pumps and a fabric-first approach to the homes themselves. The development will be constructed on land owned by the Norfolk Estate.
The finance has been provided by Paragon’s Development Finance division in a deal led by relationship director Toby Burgess and senior portfolio manager Joshua Mann.
Paragon was advised by lawyers, Thomson, Snell & Passmore, CBRE (as valuer) and Regency Grove (as Project Monitoring Surveyor).
The ‘Arundel Gate’ development is set to launch sales at the end of 2023, with information to appear on Esquire Development’s website in due course.
Henry Arundel from Norfolk Estate, said: “We are delighted to be partnering with Esquire Developments and Paragon to bring forward this legacy scheme in Arundel where there is a strong need for quality new homes. The houses have been designed with sustainability in mind whilst also reflecting the traditional character of the local area.
“20 of the 27 affordable units will be delivered at social rents in conjunction with the newly-formed Arundel Community Land Trust, whose involvement we greatly appreciate.”
Toby Burgess, Paragon Development Finance relationship director, added: “We are excited to welcome our new client Arundel Gate Finance and its development partner Esquire Developments, which has built a fantastic reputation in the industry. This scheme will deliver a selection of low-density family homes, attractive outside space and amenities, as well as much-needed affordable accommodation.”
