Stonehaven secures £4.3m Paragon Bank finance for redevelopment

Paragon Bank’s Development Finance division has provided a £4.3 million finance package to property developer Stonehaven Holdings.

It will support the development of ten flats and two semi-detached homes by Stonehaven in Meyrick Park, Bournemouth

The funding will see the renovation and conversion of a former house of multiple occupancy with the new three bedroom semi-detached properties to be added on the existing site.

The redevelopment is due to begin around June this year and is expected to be complete in 2024.

Senior funding for the development was led on behalf of the bank by Relationship Director Adrian Reeves, pictured left, with support from Jess Pilkington, Portfolio Manager.

Further equity for the development was provided by Blazehill Capital Finance.

Steve Beales, Managing Director of Stonehaven Holdings, said: “Our new development is set to provide the ideal opportunity for those looking to enjoy the benefits that Meyrick Park has to offer.

“Ideally located for the town centre and seafront, new residents will soon be able to enjoy these superb properties.

“Paragon has been the ideal funding partner for this development.

“Adrian and the team understood our vision for the site and ensured that we were able to proceed.”

Adrian Reeves said: “I am delighted that Paragon is assisting Stonehaven in bringing new properties to the market in a much sought-after location.

“With work soon set to commence, I look forward to following its progress in the months ahead.”

+++

Dorset care home is latest to be acquired by expanding group

A care home group is set to more than double in size following a £3.4 million investment from growth capital investor BGF.

BN Care has operated three care homes since 2017 – Hay House and The Dales in Exeter and St Vincent’s in Sussex.

It has now acquired Bymead House in Charmouth, Dorset, pictured left, taking the combined capacity of specialist nursing beds it can offer to 120.

BGF was introduced to the BN Care opportunity by HSBC, one of BGF’s shareholder banks.

BN Care plans to increase the number of elderly care homes it currently owns to ten by 2028.

Wade Newmark, CEO, pictured right, said: “Our care homes offer a range of high-quality services from end-of-life support to specialist dementia care.

“We see a huge amount of potential in the range of strategic and financial support that BGF is able to provide and felt it was important to work with an investor that has a long-term approach to driving growth.

“The financial backing from BGF means we can accelerate our growth plans, supporting even more people in the region that need our services.”

+++

AJC Group Starts construction on £23m Dorchester Brewery Scheme

AJC Group has started work on a £23m residential development within Dorchester’s Brewery Square complex.

The community-focused brownfield regeneration scheme is being delivered in partnership with housing association Aster Group.

The former Malthouse and Draymasters Brewery on Eldridge Street will be transformed over two years creating 57 new affordable homes.

There will be 32 three and four-bedroom houses, alongside 25 apartments.

Poole-based AJC Group acquired the site from Brewery Square Limited with planning in place for an open market scheme, including a provision of ten homes for affordable housing.

In line with the company’s corporate and social responsibility strategy, the partnership it has formed with Aster Group will now see 100 per cent of the scheme delivered for affordable rent and shared ownership, with eco-friendly features.

David Cracklen, Director of AJC Group, said: “We are really looking forward to progressing with the remediation and construction work at this historic site.

“There is a desperate need for affordable housing across Dorchester.”

AJC Group is on track to deliver more than 200 mixed-tenure homes during 2023, reflecting a total construction value in excess of £100m.