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Why did we lend?
We are seeing a growing number of attractive opportunities to provide funding to SME UK property developers, despite tough macro conditions and a competitive market. This unique deal addresses the acute regional housing undersupply, while supporting the creation of resilient communities and restoring important local heritage.
About the area/developer:
The project provides development finance towards the redevelopment of a horse training yard in Epsom, and the building of residential housing which will provide multiple long-term community benefits. The existing owners, South Hatch Surrey, combined with Proseed Property and Coranado to complete the development, supported by the Downing property finance team.
About the deal:
The Epsom deal demonstrates our commitment to supporting SME developers and providing flexible and innovative financing. This multi-purpose development encompasses the redevelopment of equestrian facilities and residential property development in a £12.9 million deal. The scheme will include the building of 12 one-bed and 30 two-bed flats, as well as the redevelopment of a successful horse training yard.
The site is currently the racehorse training ground for well-known trainer Jim Boyle. Jim has worked with a project team since 2015 to secure planning for this redevelopment. The project encompasses a new state-of-the-art racehorse training establishment with accommodation for trainers and staff.
The development also provides additional benefits for the community. By updating the racehorse training facility, Epsom’s local economy will receive a boost, an important aspect for an area that holds significant horse racing heritage. The project will also provide a source of sustainable employment for the local community.
- Addresses the acute UK housing shortfall by supporting the delivery of residential-led housing schemes
- Builds more resilient communities by supporting important local infrastructure and preserving heritage
- Promotes the local economy and develops long-term growth opportunities
- Creates sustainable employment and a sporting outlet
- Allows investors to benefit from debt investment secured against property development projects by targeting attractive yield through a “safety-first” lens, and focusing on relationship-based sourcing while working with experienced counterparties
Find out more about Downing's Property Finance team