The former home of an old petrol station has been rejuvenated into a new luxury property development in Suffolk, financed by Secure Trust Bank Real Estate Finance with a £2m property development loan.
Situated in the picturesque village of Cockfield, Scotts Way (formerly a brownfield site) is now home to nine new-build properties valued at over half a million pounds each The homes, which are just outside of Bury St Edmunds, were developed by Larkvale Homes, a high-quality property developer in East Anglia, and built by local principal contractors Bury Developments.
Designed as high-efficiency, luxury houses, the stunning 'homes for life' are perfectly suited to growing families. Akin to the characteristically up-market Larkvale Homes portfolio, each property boasts three to four bedrooms and places a significant emphasis on energy efficiency. Aluminium double-glazed windows, air source heat pumps and low-energy lights are all standard features, bringing the energy efficiency of each house to a highly reputable EPC B rating.
The deal was sealed thanks to STB's on-hand and flexible approach to lending, as well as the bank's depth of knowledge of the industry. Following the purchase of the land by Larkvale Homes, a £2m residential development loan with a term of 24 months was facilitated by John O'Leary, Senior Relationship Director at STB. This enabled the developer to fund the construction of the stylish properties.
Austin Cornish, Director of Larkvale Homes, said: "Having become frustrated with the impersonal, automated approach from high street banks, it was a revelation to be presented with the hands on, face-to-face experience John offered. With the legal system slower than ever post-Covid, the added value and flexibility STB provided was a real breath of fresh air, and John didn't hesitate to tackle associated challenges with a realistic approach, grounded in industry knowledge."
He continued: "I am passionate about creating homes, not houses, and this is where Larkvale and STB align perfectly. We have developed a crop of top-end, energy-efficient homes, founded on a great working relationship. I would very much like to work with John and the STB team again in the future."
The development reached practical completion in February of this year, with six of the nine houses already sold at this point. STB's loan facility was repaid in full after just 15 months, nine months ahead of the full term. The LTC for Scotts Way was 73%, while the LTGDV was 60%.
STB also facilitated a short-term bridging loan of £825,000, secured against the remaining three unsold houses, to allow Larkvale Homes to acquire the Old Shire Hall, a 275-year-old magistrates' court in the centre of Bury St. Edmunds. The Grade II listed building has been empty since 2016, but will now be repurposed by Larkvale Homes into seven luxury apartments.
John O'Leary, Senior Relationship Director at Secure Trust Bank Real Estate Finance, said: "We have known Austin for some time, so when he contacted us about Scotts Way there was no doubt our visions would gel together. As specialists in residential property development funding, we knew we could go above and beyond what other banks might be able to do, and we are elated to see the completion of this wonderful countryside estate.
"On top of this, working with Austin also gave us the opportunity to help with the acquisition of the Old Shire Hall. A wonderful piece of architecture with a lot of history behind it, we're eager to see how it will be reimagined and restored to its former glory."
Find out more information about Secure Trust Bank Real Estate Finance.