United Trust Bank (UTB) is funding a £30m mixed use residential and commercial development in Bermondsey, South London, by Featherstone Homes which will create 61 new apartments and 1600m2 of flexible ground and first floor commercial space.
The development will comprise four new blocks of 5-9 storeys situated close to two mainline train stations within five minute rail journeys of London Bridge and Canary Wharf. The 61 apartments include designated affordable and shared ownership units and each will have a balcony as well as use of communal spaces and play areas including rooftop terraces.
United Trust Bank is providing around £20 million of funding for the scheme over three years and Featherstone Homes and their equity partner, private debt specialists Global Growth Capital, are providing the additional investment required to complete the project. Work has begun on site with construction of the development expected to take 2.5 years.
Rowan Stewart, director of Featherstone Homes South East Ltd, said: “This is Featherstone Group’s new flagship scheme and currently our largest development to date. It was vital that we secured a flexible and competitive funding solution and Global Growth Capital and United Trust Bank worked closely to deliver what we needed quickly and smoothly.
“This is an exciting time for Featherstone. We have ambitious plans to undertake more projects and are actively looking to acquire further residential development opportunities in and around London. I’m sure this will be the first of many successful schemes supported by UTB.”
Philip Kirkwood, director – property development, United Trust Bank, added: “I am delighted that UTB are supporting Featherstone Homes’ latest exciting development which will bring much needed new homes to a vibrant, up and coming area of South London. We have been keen to work with Featherstone for some time and although new customers to the Bank, the company’s strong management and demonstrable track record of success assured us that despite the substantial investment required, this was a project UTB should back.
“UTB is committed to supporting bespoke housebuilders like Featherstone Homes and we’re looking forward to working with Rowan and the team on this and future Featherstone developments.”