Devon-based Burrington Estates has secured a £28m funding package to support its ambitious Winslade Park development in Exeter.
The company is redeveloping the extensive 86-acre estate and Winslade Manor, at Clyst St Mary, which will result in luxury housing, office space and considerable leisure facilities.
The funding has come from Paragon Development Finance and will pay for the development of up to 80 residential units across two parcels of land. The development comprises luxury apartments built opposite the manor house and a range of high specification houses.
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The scheme will benefit from high sustainability standards including PV solar panels, air source heat pumps and electric car charging points throughout the development.
The deal has been structured on the basis of outline planning, with Burrington Estates well progressed towards securing detailed planning permission, ahead of beginning work on site.
Mark Edworthy, managing director of Burrington Estates, said: “We really appreciate the continued support from Paragon Bank and look forward to delivering this exemplar project at Winslade Park in partnership with the bank.”
Paragon and Burrington Estates have a longstanding relationship, including a range of ongoing projects together across Burrington’s South West and Central divisions.
The new funding has been led on behalf of Paragon by senior relationship director Oliver Thompson and senior portfolio manager Daniel Cresswell.
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Mr Edworthy said: “A particular thank you to Oliver Thompson and Daniel Cresswell for being very flexible with the terms to suit the deal and for fast and efficient transaction execution as always.”
Mr Thompson said: “We’re delighted to partner with Burrington as they deliver this landmark development in their home city.
“The team have obtained planning approval for an exceptional proposal to sustainably redevelop Winslade Park, whilst maintaining the character of the Grade II* listed manor house and surrounding buildings. I’m excited to see Burrington bring the proposal to life with their typical high-quality finish and design.”
In February 2021 the converted Georgian manor house was opened as a business and leisure hub following a £2million refurbishment. Dating from the late 18th century, Winslade Manor stands at the heart of the 86-acre development at Winslade Park. Once complete, it will have an expected market value of £80million.
The first commercial tenants moved in following the manor’s refurbishment, which finished on schedule in under a year with building work continuing despite three national lockdowns.
Meanwhile, Echoes Childcare will be opening at Winslade Park in February 2022. Echoes will be located in an impressive 2,892sq ft premises in Winslade House which has been taken on a long-term lease. The building is being transformed into a purpose-designed light-filled nursery and will include onsite kitchen facilities for the preparation of nutritious meals, individual playrooms, a secure garden and ample parking for parents.
It is the second nursery for the business, which was established in Broadclyst in 2014 by Jo Cook and Michele Stevens. The pair were keen to create a nursery they would feel confident to send their own children to, which would offer high-quality, professional childcare with a strong family feel. Since then, the nursery in Signal House has garnered a first-rate reputation with parents and is full to capacity - leading to the need for a new location.
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Ms Cook said: “This is a truly exciting development for Echoes. We have been waiting for the right opportunity to expand and Winslade Park has given us the perfect option, in a totally stunning setting.
“It’s close enough to our Broadclyst nursery to maintain the family connection and support our aims of providing the same level of care. This new nursery will enable us to take children from Clyst St Mary, Exmouth, Topsham, Sidmouth, Woodbury and beyond.”
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John Harvey, community manager at Burrington Estates, said: “From the start of the refurbishment of Winslade Park our ambition was to have a nursery on board. Echoes fits the bill perfectly with its commitment to supporting a quality work life balance for families, which reflects our own ethos.”
Burrington Estates is behind some of the most exciting building projects in the South West. In late 2021 its £3.5m Eurotech Park business estate, in Plymouth, was completed less than a year after work on it began. Demolition only started in January 2021 at the Honicknowle site, originally built as an electronics factory in the 1970s. Burrington Estates created 30 business units. Impressively, 90% of the units were sold off plan. The company is also behind commercial developments at Exeter’s Skypark and Dean Clark House, and in Plymouth at Burrington Business Park, Thrive Hubs and The Ship.