Property firm Hurstwood Holdings is set to develop three residential schemes in Cheshire and Lancashire after securing an £18m loan.
Hurstwood, led by chairman and CEO Stephen Ashworth, has secured the funding from OakNorth to develop 75 new homes at three sites: Newchurch Meadows in Rossendale, Cotton Meadows in Barnoldswick , Lancashire and Beeston Park in Tarporley, Cheshire.
Hurstwood had in 2020 completed a £5.5m deal with Hurstwood to develop 30 homes in Rossendale.
Manchester-based Hurstwood has more than £300m in assets under management, including industrial, office and leisure properties across the Ƶ.
The Tarporley project will be the first development for Hurstwood’s “high end residential company”, Tabley Homes.
Chris Swarbrick, senior director of property finance at OakNorth, said: “The transaction represented another perfect opportunity for OakNorth to support a high-quality repeat customer. Hurstwood is a long-established and well-respected property investor and developer both in the North West and nationally, with its management team boasting over 30 years of experience in the market.
"The schemes in Barnoldswick and Tarporley are set to meet the diverse needs of modern living, whether it be for young professionals looking to step onto the housing ladder or for growing families in need of more space. We’re delighted to once again support Hurstwood and look forward to supporting them on future schemes.”
Sam Ashworth, project director of Hurstwood Holdings, said: “Having now worked closely with OakNorth on previous transactions, we knew Chris and his team would be the ideal funding partner, given their expert knowledge of the region’s residential property market and their ability to create a truly bespoke funding package. With flexible working now the norm, coupled with the popular locations of both schemes in close proximity to major hubs such as Manchester and Preston, we expect demand for the units to be high.”
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