Residential scheme designed specifically to meet the changing needs of Bracknell’s professional tenant base secures a £43.5million financing deal from Maslow Capital
Specialist real estate development finance provider Maslow Capital has announced the completion of a £43.5million development facility secured against SevenCapital’s 242-unit residential scheme in Bracknell.
- With a gross development value in excess of £69million, the project will set a new benchmark in quality and distinction for the Bracknell property market which is facing rapid population growth thanks to its thriving tech hub and commutable proximity to London and Reading.
- Maslow Capital has a long-standing relationship with the borrower, having previously partnered on three other residential development projects in Birmingham. Today’s completion brings the total GDV across all four deals to £173million.
The scheme will provide 242 residential units and ancillary commercial space separated into two blocks. Block A will deliver 106 units over 7 levels of accommodation with a 25% affordable element. Block B will deliver 136 private units over 9 levels.
Residents will have access to onsite communal areas including a loft-style workspace, a private bookable event space for hosting guests, an exclusive Life-Club Gym, bookable spa treatment rooms and landscaped private gardens. The former brownfield site will cater to the increasing environmental concerns of young professionals, with sustainable lifestyle options including a car park offering electric car-charging points and 340 Cycle spaces.
“Covid-19 has materially changed the preferences of tenants across the UK. With young professionals re-evaluating their housing needs and a shift towards remote working, we are seeing a new outflow of movement to well-placed commuter belts across the UK. With its excellent location, high-quality amenities and environmental considerations, this scheme ticks all the boxes for this key demographic.”Matt Pigram, Head of Deal Origination at Maslow Capital
“We are thrilled to support the development of this flagship scheme, which will set a new benchmark for quality in one of the fastest growing regions in the country. This deal is particularly special for us, insofar that it represents the fourth time we have partnered with SevenCapital, which embodies our business model of forming long-lasting relationships with quality developers that share our core values.”James Henry, Deal Origination at Maslow Capital
“This is yet again a fantastic partnership with Maslow Capital who we have worked with on previous occasions to deliver our pioneering Birmingham developments. The Grand Exchange will offer a brand-new living concept for Bracknell, following the trend of convenient, spacious and amenity-rich town centre homes – which after the past 12 months of lockdowns we expect to prove very popular.”Damien Siviter, Group Managing Director at SevenCapital