Paragon Development Finance has provided a £37.1m facility to SME housebuilder Nicholas King Homes for the final phase of the Amber Waterside residential scheme in Cranleigh, Surrey.
The development finance package will fund construction of 110 homes, completing the lakeside development. The phase includes 22 two-bed houses, 48 three-bed houses, 18 four-bed houses, 14 one-bed apartments and 8 two-bed apartments. The overall gross development value is approximately £54m.
Affordable housing component
Just under half of the units are designated as affordable housing and have been exchanged for sale. The homes will be built with EPC ratings expected to range from A to B, with around 20% fitted with air source heat pumps.
The site features dedicated parking or driveways for all units, communal green space and wildflower planting, with two large lakes at the rear. Amber Waterside is located within walking distance of Cranleigh village centre, with access to local amenities and schools.
Funding partnership
The facility marks the second development finance arrangement between Paragon and Nicholas King Homes, led by Oliver Powlesland with support from Amanda White. Paragon is also supporting a separate Nicholas King Homes scheme in Lane End, Buckinghamshire, where all 26 homes have been sold or are under offer.
Nicholas King Homes has over 30 years’ experience delivering residential developments across the Home Counties and South East. The company’s chief executive, Nick Bilsland, said Paragon’s team understood the requirements of schemes at this scale.
Oliver Powlesland, senior relationship director at Paragon Development Finance, said the scheme would contribute to local housing supply in Surrey. He noted the significant proportion of affordable homes in the development.
The funding comes as transaction volumes in the UK property market face headwinds from recent fiscal changes. The completion of Amber Waterside will add 110 units to the Surrey housing stock, with delivery expected over the coming months.
