Hayfield and OakNorth Bank strike a deal to fund a £31m development on the outskirts of Bedford

By Bridging Loan Directory 8th February 2021

Hayfield has completed on the purchase of a prime 4.2 ha (10.4-acre) site in the village of Bromham, which is only two miles from Bedford Railway Station – a key hub for London commuters.

The delivery of 80 luxury eco-friendly homes is being part-funded by the existing £50m land and development facility from OakNorth Bank.

Following approval of a Reserved Matters application that is currently being considered by Bedford Borough Council, Hayfield will commence construction on the well-located site, accessed off Stagsden Road.

To be called Hayfield Park, the prestigious scheme will incorporate Public Open Space, a fully equipped children’s play area and highly sustainable two, three and four-bedroom homes.

Features will include Air Source Heat Pumps, energy-efficient underfloor heating, the smartest electric vehicle fast-charging points available, ultra-fast broadband and sound-deadened studies.

Mark Booth, Managing Director of Hayfield said:

“We are very proud of the reputation we have already created in Bedfordshire, with our live schemes in Silsoe and Clifton being amongst the best-selling developments in the county.

But more of the same is never enough, so Hayfield Park will deliver something very different to the market, featuring our brand new ‘Green Revolution’ homes.

These 80 highly efficient homes will demonstrate how conserving energy and the environment doesn’t need to make any compromises to our signature luxury style.

With Bromham being 19 miles north of Clifton, it will enable us to tap into a different audience and capitalise on the close proximity to Bedford Railway Station, which provides a 47-minute commuter service into London St Pancras.

This new development will play a crucial part in meeting our 2021/2 delivery forecasts and the continued support from OakNorth ensures we can keep growing the business at a rapid pace.”

The site was marketed by Savills’ Cambridge office, on behalf of land promoter The Fairfield Partnership. 30 per cent of the homes have been designated for affordable housing.

The scheme is within easy reach of the range of amenities and schooling within Bromham, which is one of the larger villages within the Borough of Bedford.

Ben Barbanel, Head of Debt Finance at OakNorth Bank said:

“We’re in constant admiration when looking at Hayfield’s growth story to date, as they continue to defy the challenges encountered by much of the property industry since the pandemic struck.

This prime site in Bedfordshire sits well within our current sweet spot of funding high quality and spacious out of city centre residential projects.

We have no doubt that Hayfield will be going above and beyond to create a new eco-friendly community and are once again delighted to be supporting Hayfield’s development activity and enabling the rapid expansion of this innovative young housebuilder.”

Hayfield Park will feature a generous provision of private garaging and off-road and visitor parking spaces.

The brick, architectural detailing and materials used will be reflective of the surrounding area and Bromham’s historic village core.

The density of the development will be much lower than typical new build schemes and the design of the extensive public realm across the scheme will adhere to Secured By Design Standards.

Hayfield is an HBF five-star builder, delivering 554 luxury homes across eight live sites in Oxfordshire, Bedfordshire, Cambridgeshire, Buckinghamshire and Wiltshire.

The company has recently won Gold and Bronze accolades at the 2020 WhatHouse? Awards and has also received three Pride in the Job NHBC Awards.