MCR Homes has secured £18 million of development finance to fund construction of 91 starter homes in Bristol.
Construction of the Parkview housing project will begin this month after the facility was successfully arranged with development lender London Wall Lending this week. MCR’s own construction arm will carry out the work.
The mix of two and three-bed houses and duplexes will provide affordable first-stepper homes to young professionals, first-time buyers and families on the outskirts of Bristol.
The project will sit on a brownfield site within what was previously the Parkview university campus. A total of 27 properties will be affordable homes available under Shared Ownership.
The site is situated on Whitchurch Lane, four miles south of the city centre, and boasts amenities and transport links including nearby Bristol International Airport and Hengrove Mounds Nature Reserve. The area has seen significant investment in recent years including offices, light industrial units, a healthcare centre, South Bristol Community Hospital, and a cinema.
MCR Homes, the residential sales division of MCR Property Group, expects the marketing of Parkview to launch in January 2022. The company’s own construction division will build out the scheme.
Michael Fenlon, director at MCR Homes, said: “This final phase of the residential reinvention of the Parkview Campus will deliver much-needed and highly-affordable starter homes for young professionals and families. This cluster of homes is set right on the edge of Bristol giving residents the best of all worlds, with fantastic transport links and easy access to the city on one side and some of the UK’s most beautiful countryside on the other.
“Parkview will offer aspiring homeowners everything in terms of location, connectivity and affordability.”
Ned El-Imad, partner at London Wall Lending, added: “There is a lack of high-quality properties in prime city locations across the UK, so we are pleased to have been able to provide this development loan to MCR Property Group helping to address this need. We continue to see significant opportunities to back more family-led housing developments around the UK, and we’re ready to do so by providing an efficient and straightforward route to capital.”