Close Brothers Property Finance has provided a £20 million revolving credit facility to housebuilder gs8 for the development of 52 homes in Radlett, Hertfordshire. The scheme carries a gross development value of £47 million.
The transaction represents the first deal between Close Brothers Property Finance and gs8, and enables development of a four-acre site that had been stalled following its previous owner entering administration. gs8 acquired the site out of receivership.
Development specifications
The Medburn Yard development will comprise 38 private and 14 affordable homes, ranging from one to four bedrooms. The scheme includes the conversion of a Grade II listed barn. Planned amenities include a fitness centre, a DIY and reuse centre, a concierge and parcel room, and a seasonal pond with outdoor seating.
The homes will include a zero energy bills guarantee in partnership with Octopus Energy, valid for a minimum of 10 years. Residents will have access to an electric car and bike club.
Market response
The development has received more than 200 buyer enquiries ahead of its planned late summer launch. The interest reflects demand in Radlett, one of Hertfordshire’s commuter villages, at a time when government housing targets remain under pressure.
Phil Hooper, chief executive of Close Brothers Property Finance, said: “gs8 is setting a new benchmark for sustainable housebuilding in the UK, with sustainability built into every stage of the decision-making process. It is a smart, future-proofed approach, and one that is proving exceptionally popular with buyers in what remains a challenging sales market.”
Josh Gordon, co-founder of gs8, said: “Medburn Yard is genuinely a unique scheme which Radlett can be proud of, and one that demonstrates what is possible when beautiful design, heritage and sustainability are treated as a single brief rather than competing priorities.”
Financing context
The revolving credit facility structure allows gs8 to draw down funds as needed during the construction phase. The deal comes as developers navigate a market characterised by significant price variations across neighbouring areas, with buyers increasingly focused on value and running costs.
The zero energy bills guarantee and car-sharing amenities represent a shift in how developers are structuring buyer propositions, moving from ownership models to access-based services. The approach targets buyers seeking to reduce long-term housing costs amid broader economic uncertainty.
