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G&C signs first multi million pound transformation deal in Cornwall
18/12/06
G&C Finance & Consultancy has backed the stunning multi million pound transformation of a former car park into luxury homes, heralding the way for further regeneration in Penzance.
The £5.75m deal, sealed with South West based developer Acorn Homes, will deliver 37 one and two bedroom luxury apartments to the town, undeniably one of the most attractive locations in Cornwall.
This is the first scheme in Cornwall for G&C, the 100% residential development finance specialists who launched a dedicated South West & Wales office, based in Cardiff, just three months ago. The office is the first regional centre to open outside the firm’s Birmingham headquarters since its launch two years ago.
Steve Taylor, regional director for G&C said: "We know that major activities are being initiated for Penzance, driving forward the regeneration of the harbour and town centre. Working with Acorn Homes to deliver such a stunning contemporary scheme, situated just a stone’s throw from the waterfront, is a perfect contribution to this initiative, and one that both parties are very proud to be fronting.
"We are one of the fastest growing development finance companies in the country and most definitely committed to this part of the UK where so much investment is taking place. Our decision to open an office devoted purely to the South West & Wales reflects the importance we place on the region and we are delighted to reveal details of our first 100% development finance project."
Located adjacent to the High Street just a short walk from the striking waterfront, work on site will begin in January 2007. With a 24-month build programme, the project is anticipated to complete in December 2008. The first units are programmed to go on sales release in early 2008.
Chris Speed, director of Acorn Homes said: "This is the first time that Acorn Homes has worked with G&C. G&C’s involvement was an ideal opportunity to accelerate the growth of our company allowing us to work on a number of projects in partnership with our funders.
"The way that the deal was structured was extremely innovative but what particularly attracted us to G&C is that their team has the capability to provide more than just finance. There is somebody within the company who has the consultancy expertise we can draw on at all stages of the project’s life. The team is refreshing and sincere in its determination to deliver success for all concerned.
"Penzance stands on the south facing shores of the beautiful Mounts Bay. It is a market town with a wealth of history and the proposed regeneration plans will maximise economic opportunities for a prosperous future. As local developers we are obviously keen to take advantage of other opportunities in the region and are already talking to G&C about a number of prospective schemes. We hope to make further announcements early in the new year."
Steve Taylor added: "The growing number of property entrepreneurs in the south west is creating a very exciting scene for the regional economy, and that includes the key role of G&C Finance. We offer 100 per cent development finance to fully fund residential and mixed-use schemes with a development value of more than £1.5m, irrespective of location, with and without planning permission.
"We can also offer bridging finance, loans for land purchase deposits, re-financing facilities, planning fees on option sites and up-front management fees to assist developers’ business cash flows. My message to the marketplace is clear - come and talk to us and see what we can deliver as a team!"
G & C Finance, 100% development finance, 100% residential finance and development funding specialists.