United Trust Bank funds £30m South London development by Featherstone Homes
United Trust Bank is funding a £30m mixed use residential and commercial development in Bermondsey, South London, by Featherstone Homes which will create 61 new apartments and 1600m2 of flexible ground and first floor commercial space. The development will comprise four new blocks of 5-9 storeys situated close to two mainline train stations within 5 minute rail journeys of London Bridge and Canary Wharf. The 61 apartments include designated affordable and shared ownership units and each will have a balcony as well as use of communal spaces and play areas including rooftop terraces. Featherstone Homes have been developing high quality residential and mixed use schemes around South London since 2015. However the management team have over 100 years of collective experience in the housebuilding industry and a strong track record of successful developments. They have built a reputation for creating houses and apartments offering the best of design, location, quality, craftsmanship, and practicality as well as restoring characterful older buildings and transforming them into contemporary homes. United Trust Bank is providing c£20million of funding for the scheme over three years and Featherstone Homes and their equity partner, real estate debt specialists Global Growth Capital, are providing the additional investment required to complete the project. Work has begun on site with construction of the development expected to take 2 years. Philip Kirkwood, Director – Property Development, United Trust Bank commented: “I am delighted that UTB are supporting Featherstone Homes’ latest exciting development which will bring much needed new homes to a vibrant, up and coming area of South London. We have been keen to work with Featherstone for some time and although new customers to the Bank, the company’s strong management and demonstrable track record of success assured us that despite the substantial investment required, this was a project UTB should back. “UTB is committed to supporting bespoke housebuilders like Featherstone Homes and we’re looking forward to working with Rowan, Alan and the team on this and future Featherstone developments.” United Trust Bank United Trust Bank (UTB) is an expanding specialist bank providing a wide range of secured funding facilities for individuals and businesses and deposit accounts for individuals, businesses and charities. The Bank has dedicated divisions providing development finance, bridging finance, structured finance, asset finance and mortgages and their in-depth knowledge combined with commercial awareness makes it the lender of choice for finance brokers, developers and individuals seeking a high quality, bespoke service and a reliable source of funding. UTB was named ‘Specialist Bank of the Year’ at the Bridging and Commercial Awards in 2021, 2019, 2018 and 2016 and is the only lender to have won the award four times. United Trust Bank was incorporated in 1955. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. UTB is covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service. The Bank is a member of UK Finance, a Patron of the National Association of Commercial Finance Brokers (NACFB), a Member of the Finance & Leasing Association (FLA), the Intermediary Mortgage Lenders Association (IMLA) and a Member of the Association of Short Term Lenders (ASTL).
FEATHERSTONE HOMES ACQUIRE NEW SOUTH BERMONDSEY SITE ON LYNTON ROAD IN £2.475M DEAL LED BY KALMARS
A well located but underutilised industrial site at Lynton Road in South Bermondsey which is set to be redeveloped into a striking new residential scheme has been sold for £2.475 million by leading South London estate agent KALMARs. This completed deal represents the latest success for KALMARs, who are experts at finding regeneration hotspots in the local area. The site has been purchased by well-respected local property developers Featherstone Homes, and the scheme includes planning permission for 19 apartments in one of South London’s major regeneration areas, which is set to benefit from a new London Overground station in 2025. The site located at 304-314 Lynton Road gained planning consent from Southwark Council in November 2020. Previously a care breakdown and recovery depot, the site has full vacant possession and extends to 653sq.m. Ownership includes planning permission for the demolition of the existing buildings and the construction of 19 apartments, of which 13 will be for private sale. Designed by Alan Camp Architects, the scheme will deliver 15,204 sq.ft. of NSA residential accommodation and Featherstone will be able to begin redeveloping the site immediately. The apartments are planned to be delivered in around eighteen months with buyers potentially moving in late in 2022. The planned development building at Lynton Road will be constructed from a mixture of dark and light brown bricks, and will reach four storeys topped by a garden roof terrace. The apartments will benefit from Featherstone Homes’ signature high specification as well as plentiful natural light and generous storage space. Featherstone Homes was founded in 2016 and has now collectively developed and sold over 100 units across London. They are particularly well known for boutique residential developments of 9-30 homes. Their small team of founders manage their own departments and uphold a commitment to smooth and personal customer service. Based primarily in South East London, Featherstone’s business model is to develop luxury properties with a commitment to a high specification, and to help particularly young and first-time buyers to get higher up the property ladder with Help to Buy homes. The business takes pride in managing every stage of this process from land development through construction to property development and sales. Lynton Road will form part of the South Bermondsey regeneration area, as this formerly overlooked industrial part of Southwark looks set to become South London’s latest up-and-coming hotspot over the next few years. Like Shoreditch and Hoxton in previous decades, South Bermondsey’s regeneration will be centered around a new London Overground station in between Queens Road Peckham and Surrey Quays, where construction will begin by 2025. In addition, the New Bermondsey regeneration masterplan will transform a 30-acre industrial site into a new neighbourhood of over 3,500 new homes, shops, sports facilities and public realm including piazzas and cycle paths. KALMARs highlight that there is huge interest in the New Bermondsey regeneration masterplan, particularly from young professionals and first-time buyers. For all these changes, the area will not lose its industrial character, jobs and heritage, and new homes are primarily planned for infill sites with the aim of creating new vibrant residential neighborhoods. Lynton Road is less than half a mile from South Bermondsey station, which is operated by Southern Rail. There are four trains per hour to London Bridge, giving easy access to London Underground services across central London. Rowan Stewart, Director at Featherstone Homes, comments: “Lynton Road is a brilliant acquisition for us. At Featherstone the process of selling top-quality homes starts with finding the right site, and there are few more exciting up-and-coming areas than South Bermondsey in South London at the moment. This acquisition demonstrates what an exciting time of expansion this is for us as a business – though we are a small developer we have a varied and successful portfolio and we’re looking forward to the launch at Lynton Road.” Sebastian Kalmar, Director at KALMARs, comments: “KALMARs are passionate about South London and it’s always exciting for us to be involved in helping with sites like this that are underutilized and have a great deal of potential. We’ve for many years been promoting and keen to see further investment and improvements made to South Bermondsey, with projects like this we are excited to see a great area benefit from good architecture improving the existing setting and providing high quality homes to the community “We have always enjoyed working with Featherstone Homes in the past, and we look forward to helping with the development at Lynton Road over the next few years.”