Paragon backs £37.1m funding for 110-home Cranleigh development

Paragon Development Finance has agreed a £37.1 million finance facility with SME developer, Nicholas King Homes, to support the delivery of Phase 3 of its Amber Waterside residential development in Cranleigh, Surrey.

Funding will support the construction of 110 new homes as part of the final phase of the wider lakeside scheme.

The scheme comprises 22 two‑bed houses, 48 three‑bed houses and 18 four‑bed houses, alongside 14 one‑bed apartments and 8 two‑bed apartments.

Of the total homes, just under half are designated as affordable housing and have already been exchanged for sale. The overall scheme has an anticipated gross development value of approximately £54 million.

Homes at Amber Waterside will be completed to a high‑quality specification, with EPC ratings expected to range from A to B, consistent with earlier phases of the development.

All units will benefit from dedicated parking or driveways, extensive communal green space and wildflower planting, with 2 large lakes forming a unique and attractive feature at the rear of the site.

In a reflection of the scheme’s sustainability credentials, around 20% of the homes will be fitted with air source heat pumps.

Located within walking distance of Cranleigh village centre, the development benefits from access to a wide range of local amenities, including shops, restaurants, leisure and arts facilities, as well as reputable schools.

The surrounding Surrey Hills countryside and nearby golf courses add to the area’s appeal, while Guildford provides wider transport connections and amenities.

Paragon has a continued relationship with Nicholas King Homes and this marks the second development finance facility the bank has provided to the housebuilder, led by Oliver Powlesland with support from Amanda White.

The well-established medium-size developer has over 30 years’ experience in delivering quality new homes around the Home Counties and the South East of England.

Paragon is also supporting the delivery of a separate scheme in Lane End, Buckinghamshire, now in its latter stages, with all 26 homes sold or under offer.

Nick Bilsland, Chief Executive at Nicholas King Homes, said:

“Phase 3 of Amber Waterside represents the culmination of a carefully planned and thoughtfully designed development which has created a distinctive new community in Cranleigh.

Paragon’s experienced team understand the challenges businesses like ours face, as well as the requirements of schemes of this scale, making them a strong funding partner.

The bank’s continued support has enabled us to progress the final phase with confidence and ensure we deliver the quality and sustainability standards established across the wider site.”

Oliver Powlesland, Senior Relationship Director at Paragon Development Finance, said: 

“Amber Waterside is a vibrant, high‑quality scheme that will make a meaningful contribution to local housing supply in Cranleigh, including a significant proportion of affordable homes.

I have worked with Nicholas King Homes for many years and know the strength of their delivery capability.

We are pleased to support this latest scheme’s completion with a funding structure tailored to its needs and timelines.”

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