Close Brothers Property Finance has agreed to provide housebuilder gs8 with a £20m loan to finance a scheme in Radlett, Hertfordshire, with a gross development value of £47m.
CGI of gs8’s Medburn Yard scheme, Radlett, Herefordshire
The revolving credit facility, which is the first deal between the parties, will support the development of the 52-home Medburn Yard scheme on a four-acre site.
The homes will come with a zero-energy-bills guarantee for a minimum of 10 years in partnership with Octopus Energy.
The scheme will comprise a mixture of private sale and affordable homes ranging from one to four bedrooms and the plans include the conversion of a grade II-listed barn as well.
Medburn Yard will also have a fitness centre, a DIY and reuse centre, a concierge and parcel room and a pond with outdoor seating.
Josh Gordon, co-founder of gs8, said: “Medburn Yard is genuinely a unique scheme Radlett can be proud of, and one that demonstrates what is possible when beautiful design, heritage and sustainability are treated as a single brief rather than competing priorities.
“Close Brothers understood that vision from the outset and their expertise has been invaluable in bringing the scheme forward at pace.”
Phil Hooper, chief executive of Close Brothers Property Finance, added that gs8 “is setting a new benchmark for sustainable housebuilding in the UK, with sustainability built into every stage of the decision-making process”.
Hopper said: “It is a smart, future-proofed approach, and one that is proving exceptionally popular with buyers in what remains a challenging sales market. We are proud to be supporting ambitious businesses like gs8 and funding schemes that are raising the bar for what new housing in this country can deliver.”
In December, Close Brothers Property Finance agreed a funding deal worth up to £350m with the British Business Bank, on behalf of the Ministry of Housing, Communities and Local Government.
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