Watford Riverwell (Family Housing) LLP, a joint venture between Watford Borough Council and Kier Property, has secured a multi-million-pound funding package from Paragon Development Finance to support a major new residential development in Watford, known as Avenues.

Paragon has provided a total gross facility of £25.5 million to support the acquisition of land and the development of 85 new homes as part of the Watford Riverwell scheme, the largest regeneration project in Watford transforming more than 60 acres of land to the south of Watford General Hospital and Watford Football Club.

Phase 1 of the scheme, which has a gross development value in excess of £35 million, will consist of 62 private houses and 23 affordable homes.

Overall, the £450 million Watford Riverwell project will take between 15 and 20 years to complete and will result in approximately 1,000 new homes, along with a retirement village, primary school and retail, commercial and industrial space, as well as other amenities.

Andrew Storey, managing director of regeneration at Kier Property said: “Watford Riverwell will transform the south of the town and we are delighted to be playing a key role in the scheme. This is an ambitious and impressive development that will regenerate the area from predominantly brownfield land, bringing new homes and facilities and broader economic benefits.

“Paragon has been a key partner, understanding our requirements completely and showing the expertise needed to progress the funding efficiently and within a tight timeframe.”

Simon Dekker, Paragon development finance relationship director, added: “We’re pleased to be working with Kier Property and Watford Borough Council to be part of such an impressive development that will result in a significant amount of new homes and help transform an area in a sustainable manner and with a long-term view.”