Last year, Urban Exposure financed the original purchase of the entire site from Tesco. The supermarket group was granted planning across the entire site for 850 dwellings, potentially including up to 80 care home or assisted living units, various retail, commercial, office and leisure uses together with ancillary amenity space.
The site is located at an attractive residential development area, directly adjacent to the Welwyn Garden City railway station, which offers quick rail access to London. It is also close to a number of local amenities including the local shopping centre (The Howard Centre) which is home to a wide variety of major brand retail tenants.
Urban Exposure pioneered non-bank lending for residential-led development finance, having been one of the first companies to specialise in this sector during the financial crisis when UK banks began reducing their balance sheet exposure to residential property lending.
Commenting, Mike McMahon, Partner at Urban Exposure, said;
“We are thrilled to be financing this exciting development in one of the UK’s leading garden cities. As London’s supply-demand imbalance continues to grow, locations such as Welwyn Garden City have an increasingly important role to play in offering affordable accommodation with convenient transport to the capital’s working districts. Redeveloping this landmark site will create a significant number of new homes and have a positive economic impact on the area so we are pleased to be playing our part.
“After a strong end to 2017, we have entered the New Year with good momentum and a well-stocked pipeline of further projects that we want to finance. Despite the headwinds from Brexit-related uncertainty, there are plenty of encouraging signs for the UK housing market at the start of the year, particularly in high growth regions we are targeting. We look forward to continuing to support further high quality developments across the UK and updating with further project funding news very soon.”