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G&C seals major deal in Bristol
06/06/07
G&C Finance has sealed its largest deal in Bristol, backing the multi million pound transformation of a former production facility into an innovative and environmentally sustainable residential scheme aimed at the first time buyers market in the city.
In partnership with RBS, working with Relationship Director Andy Mitchard, the property finance specialists will provide 100 per cent development finance to Bristol based Urbis Development to develop the £5m scheme that will deliver nine contemporary three and four bedroom townhouses with terraces and fourteen spacious one and two bedroom apartments to the area.
Located in a quiet spot, conveniently off the Southmead Road, work on site will start in May. A show home is due to be launched in Autumn 2007 to co-incide with the release of the first phase of homes, with anticipated completion due in November 2008.
Steve Taylor, regional director for south-west England and Wales for G&C Finance, said: “This is our largest deal to be negotiated in Bristol since the official launch of our south-west office last year. This is our second deal with Urbis, a well known and established developer in this region. By using our flexible finance and consultancy, Urbis Development has been able to step up its activity and look at larger scale projects such as this.
“The ability to act quickly if a development opportunity arises is vital to enable them to compete in Bristol’s fast developing economy and it has been our fast decision making policy of G&C and RBS that has made such a significant contribution to them being nominated as developers for this exciting scheme.”
Richard Clarke, director of Urbis, commented: “We are very excited that this purchase has been completed so efficiently, which was due in large, to the quick response of our funder G & C Finance. Its quick reaction ensured that we could secure this site in record time.
“We are already negotiating on a number of land opportunities in and around the Bristol area with the help of G&C Finance and anticipate making further development announcements within the next four to six weeks.”
All homes within this unique scheme will have allocated car parking space plus visitor spaces set amidst landscaped gardens. The scheme is positioned just minutes from local amenities, Southmead Hospital and is close to main routes in and out of the city centre.
G&C and RBS funded a first deal in Bristol on behalf of Urbis Development late last year. The £1.5m bespoke scheme, located in the highly regarded leafy suburb of Sneyd Park on Julian Road, comprises two substantial five bedroom townhouses. Due to complete next month, both homes have been sold.
Providing impartial property development advice, G&C Finance was established 2.5 years ago to enable developers to access 100 per cent development finance to fully fund small to medium-sized residential and mixed-use speculative schemes. The firm offers land and development funding, bridging finance, loans for land purchase deposits, planning fees on option sites and up-front management fees to assist developers’ business cash flows.
Irrespective of size and location, with or without planning permission, G&C will consider funding for the purchase of land, construction and related costs of all schemes with a projected gross development value in excess of £1.5 million.
Although they are not the first company to offer 100 per cent development finance, G&C will provide an in principle lending decision within 48 hours rather than the industry standard of four to six weeks.
G&C Finance are 100% development funding & finance experts.