Work to regenerate a historic former print works site in Bath has been boosted following a major finance deal.
City & Country, which is transforming the brownfield site on Lower Bristol Road, has secured £32.5m from Paragon Bank for the renovation scheme.
The site dates back to the 1890s and was once home to the Pitman Press printing works, led by Sir Isaac Pitman, who developed one of the world’s most widely used methods of shorthand.
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It has been vacant since 2007 and was demolished between September 2017 and November 2018.
Work on the project started earlier this year and the scheme will be completed in phases over the next four years, with the first houses expected to be finished in the winter of 2026.
The development will retain the original Bath Press façade and will include a mix of flats, houses and commercial units.
The latest funding has supported the acquisition of the site, according to Paragon, along with the development of the first phase of works, which will see the delivery of 134 apartments, including nine affordable ones, and 12 houses.
James Helmore, relationship director at Paragon Bank, said: “City & Country is a proven developer with a unique approach to blending heritage restoration and contemporary living. We’re delighted to play a part in bringing this site forward and supporting housing delivery in a region where new homes are critically needed.”
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The deal was led on behalf of Paragon Bank by Mr Helmore and Megan Andreou, the bank's portfolio manager, and follows recent regional transactions including new-build schemes in Exeter, Cheltenham and Bristol.
The new land purchase expands City & Country’s projects across the South West region, following successful Bristol developments at Factory No. 1 and The General and Burderop Park in Wiltshire.
Wayne Douglas, managing director at City & Country, added: “Bath Press is a hugely important acquisition for us, offering the opportunity to create a thriving community in a location with exceptional heritage and connectivity.
"Bath is a city of global significance, and this development will reflect the high quality and placemaking that City & Country is known for.”
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