Developer secures extra funding for eco-friendly retirement village
An eco-friendly village for over-55s, in Burnham-on-Crouch, Essex, is set to grow further following the developer’s securement of an additional £10m of funding for the project from Shawbrook.
The new finance will support the expansion of the first part of Burnham Waters by an additional 19 bungalows, taking the total for this phase to 63 properties. It will also allow the developer to acquire 20 acres of neighbouring land for vital infrastructure works.
The overall project – comprising 103 bungalows, 55 independent living flats, a 70-bedroom care home and a parade of shops – is making good progress, with show homes due to open imminently.
It aims to reduce carbon emissions by almost a third compared to current building regulations, with an electric car charging point for each bungalow. An electric minibus service will also provide residents regular connections to the town centre.
The scheme, which has already generated strong interest, will feature a gym for residents, a swimming pool, tennis courts, an on-site GP surgery, landscaped gardens and nature trails, with a strong ecological focus.
Ian Holloway, Project Director at Burnham Waters Limited, said:
“Shawbrook has proven to be a dependable partner that understands the intricacies of financing a multi-phase and complex project like Burnham Waters.
“We’re seeing great progress in the build, with highway and infrastructure work now well underway, and look forward to helping to meet the growing demand for over-55s housing in the UK”.
Patrick Coughlan, Relationship Director, Development Finance at Shawbrook, said:
“With large sites such as this one, complexities are the norm. We worked closely with the client, going the extra mile to understand their requirements by including a site visit from Shawbrook’s head of credit. This meant we have been able to tailor an enhanced facility to support them with their vision.
“It’s great to see the progress of this impressive development and we’re proud to support this area of growing demand in the housing market.”