Wharfedale Homes gains in Gainford
The housebuilder has secured an £11.7m finance facility from Paragon Bank, enabling it to acquire the 79-home site on Spa Road in County Durham.
The development will comprise a mix of one-bedroom apartments through to four-bedroom detached houses, and has an anticipated gross development value of around £24.3m.
The £11.7m facility, provided by Paragon Development Finance, is structured over 30 months and has enabled Wharfedale Homes to acquire the site.
The scheme was originally designed by architect Ben Pentreath and will use traditional design principles alongside energy-efficiency measures.
All homes will include energy-efficient features, including ground source heat pumps and electric vehicle charging points. Around 86% of the homes are expected to achieve an EPC A rating, meaning the scheme is expected to qualify for Paragon Development Finance’s Green Homes Initiative.
The project is the fourth North East development funded by Paragon for Wharfedale Homes.
Gainford is around eight miles from Darlington, with the development benefiting from access to the A67 and Darlington railway station, which provides services to Newcastle, York, Leeds and London.
The development will provide a mix of apartments and family houses, with the range of property types intended to cater for different buyers, including local families, commuters and older homeowners.
Michael Brown, director at Wharfedale Homes, said: “This development represents an exciting opportunity to deliver a high-quality mix of homes in one of the most desirable villages in the area. Gainford continues to attract strong demand from families, professionals and downsizers looking for well-connected locations that offer a strong sense of community.
“Our relationship with Paragon has been built over a number of successful projects, and their continued support demonstrates both their understanding of our business and their confidence in the homes we deliver.”
Nigel Jackson, senior relationship director at Paragon Development Finance, said: “We are pleased to be supporting Wharfedale Homes once again as they bring forward this latest development in Gainford. Having worked together across a number of projects, we have developed a strong understanding of the business, its approach to placemaking and ability to deliver high-quality homes in attractive regional locations.
“The scheme is well positioned to meet demand from a broad range of buyers, while its sustainability credentials reflect the growing importance of energy efficiency within the new-build housing market.”
