A two-property development on Beach Road overlooking the Menai Strait in Wales has achieved a gross development value of £2.7 million following £950,000 in development funding from Charles Street.
Developer Gary Poole of Lingar Holdings (Chester) Limited purchased the site in July 2021 for £535,000 with planning permission subsequently granted for two dwellings. The project required construction directly into the rock face, with properties featuring garage space at ground level, bedrooms on the first floor, and living space on the second floor with views of the Menai Strait and suspension bridge.
Technical construction and funding
After completing initial site works including demolition, excavation, drainage installation, and raft foundations, Poole secured the development loan from Charles Street to cover build costs and professional fees. The construction required technical solutions for building into the rock face whilst addressing flood risk considerations in the design.
The financing arrangement reflects broader activity in development funding markets, where lenders are supporting projects with specific technical requirements. The completed homes are now marketed at £1.4 million each.
Developer and lender response
Poole said: “Locations as unique and impressive as this hardly ever come onto the market, so it was important that I was able to move quickly and effectively on this opportunity.”
Tom Garthwright, Property Development Manager for Charles Street, confirmed the firm supported the repeat customer on the residential development, stating they “understood the vision that Gary had for the site and his ability to deliver a first-class product.”
The transaction represents a gross development value increase of approximately 405% from the initial purchase price. The properties are currently available on the open market, with the developer and lender already collaborating on subsequent projects. The case adds to evidence of continued activity in coastal property markets, where waterfront locations command premium pricing.
