Hurstwood Holdings to develop three residential schemes following £18m loan from OakNorth

By Bridging Loan Directory 12th March 2024

OakNorth, the neobank for entrepreneurs, by entrepreneurs, has provided a £18m loan to leading privately owned and managed property investment and development company, Hurstwood Holdings.

Hurstwood’s specialist in-house team provides a full range of professional services, including asset management and development, lettings, and investment, that allows the firm to react quickly and effectively when making key decisions.

Headquartered in Manchester, Hurstwood’s AUM now totals over £300m, including office, industrial, leisure, and residential properties that are home to over 1000 tenants, all over the UK .

The £18m loan from OakNorth, provided over two separate facilities, will be used to develop 75 new houses, across three separate residential schemes situated in Barnoldswick and Rossendale in Lancashire and a third in Tarporley, Cheshire.

The sites all benefit from being in highly sought-after locations, with the Barnoldswick development situated near the Forest of Bowland and the major cities of Manchester and Leeds; the Rossendale scheme is in the heart of the Ribble Valley and the Tarporley site is only a short drive away from Chester and Crewe, which offer regular trains into Manchester and to Manchester Airport.

The Barnoldswick scheme, known as Cotton Meadows will be delivered under the company’s Hurstwood Homes banner while the Tarporley scheme, Beeston Park, will be the first development for their high end residenital company, Tabley Homes.

This latest transaction follows OakNorth’s previous £5.5m transaction with Hurstwood in October 2020, which was used to develop Newchurch Meadows; a luxury residential scheme comprising 30 new homes across a 2.5-acre site in Rossendale, Lancashire.

Sam Ashworth, Project Director of Hurstwood Holdings, commented on the transaction:

“Hurstwood’s two sister companies – Hurstwood Homes and Tabley Homes – are committed to providing the highest quality of living for our customers.

Our latest projects at Rossendale, Barnoldswick and Tarporley will be no different, with each of the units offering residents space to relax, to entertain, and to create memories.

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.”

Chris Swarbrick, Senior Director of Property Finance at OakNorth, added:

“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.”