Shawbrook provides £7.5m development finance for premium Essex residential scheme
A private gated development of ten new homes in Shenfield has been delivered with the support of a £7.5 million development finance facility from Shawbrook.
At a glance
Shawbrook has provided a £7.5 million development finance facility to Daniel James Developments to support the delivery of a high-end residential scheme at Birley Grange in Shenfield, Essex.
Located within walking distance of Shenfield Station, the private gated development comprises seven detached family homes and three luxury conversion apartments, with a focus on high-quality architecture and bespoke interior finishes. The completed scheme has a GDV of approximately £11.5 million.
During the development, the developer successfully enhanced the existing planning consent to add an additional apartment. Consent was also secured to replace the refurbishment of an existing annex with a new-build home, increasing the scope and value of the overall scheme.
The changes required the development programme to work around the planning process while allowing progress to continue across the wider site.
The £7.5 million, 23-month facility represents Shawbrook's second transaction with the developer and was provided at 66% Loan-to-Gross Development Value (LTGDV).
The development is now complete, with sales progressing well across the scheme.
We had a clear vision for Birley Grange from the outset, but we also saw opportunities to improve the scheme as it progressed. Securing the additional planning consents allowed us to make better use of the site and ultimately deliver a stronger development. Having already worked with Shawbrook, there was an understanding of what we wanted to achieve and the flexibility to support the project as those plans changed. We’re really pleased with the finished scheme and the response from buyers.
Charles Spence, Relationship Director, Development Finance at Shawbrook, commented:
“Birley Grange is a high-quality scheme in a strong location, and the planning enhancements secured during the development allowed the developer to maximise the opportunity. This is the second project we’ve supported them on, building on the relationship established through our first transaction.
Development plans can evolve, particularly when there is an opportunity to improve the end product. It’s great to now see the development complete and now sold, reflecting the quality of what the team has delivered.”
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