Maven announces latest residential property project
£15.8 million development is expected to be completed by 2024.
Maven has raised £6.26 million to fund Oak Meadows, a new-build family home development consisting of 61 homes in Middleton St George, Darlington, in conjunction with Calmont Homes.
The transaction includes a £1.76 million equity fundraise from Maven’s co-investor network, Maven Investor Partners, alongside a £4.5 million debt facility from TOC Property Backed Lending Trust PLC.
The site, which is located four miles from the large market town of Darlington, was granted planning permission in 2019, and the total development cost of the project is expected to be £15.8 million. Once complete, Oak Meadows will consist of a modern, bespoke development with three, four and five-bedroomed homes, ranging in size from 950 ft2 to 1,850 ft2.
Oak Meadows is the latest project that Maven has worked on in collaboration with Calmont. It follows its adaptive reuse of a vacant office building in Glasgow, which was transformed into a 137 bedroomed ibis Styles hotel; and the development of a purpose build student accommodation at 333 Bath Street, also located in Glasgow, which was subsequently sold for £7.45 million.
The UK housing market performed strongly during 2020 and has continued into 2021 despite the Covid-19 pandemic, driven principally by changes in customer behaviour and supported by government assistance schemes such as furlough and the stamp duty holiday. The outlook is similarly positive at a regional level with Savills forecasting 20% growth in house prices over the next five years in the North East.
We are delighted to partner with both Calmont and Tier One again, having worked successfully with each of them on previous projects. This is a unique development in Middleton St George which I’m sure will be well received by home purchasers and we look forward to seeing the development progress.
Paul Johnston, Partner at Maven