Featherstone Homes turns former MOT garage site into modern residential and commercial block in £9.1m project

By Bridging Loan Directory 18th August 2020

Bespoke property developer, Featherstone Homes, has successfully transformed a former MOT garage and bus depot into new homes and commercial units in a £9.1m redevelopment project.

South London-based Featherstone’s flagship scheme in Streatham comprises of 30 new homes with new commercial spaces at ground floor level.

Previously a collection of single-storey light industrial buildings, the site was most recently used as a MOT and repair centre specialising in the repair and servicing of coaches, buses and cars.

However, thanks to Featherstone Homes’ ambitious redevelopment plans, the site is now complete with new homes designed for modern day living and finished with modern and fashionable specification.

It comprises of a single residential block over two, three and four storeys together with an access ramp to a ground floor car park and landscaped podium gardens to the rear.

Rowan Stewart, Director at Featherstone Homes, said:

“We aim to develop not only modern but striking homes that demonstrate attention to detail and high-end specification.

By fully understanding what our buyers are looking for, our developments exceed modern living demands using the latest design, quality materials and new technologies.

This development in Streatham Road, Merton, is our flagship development and a strong representation of what Featherstone Homes represents.

We are extremely proud of this project as we feel it clearly reflects our position as a leading bespoke property developer.”

The project was funded thanks to a £9.1m loan provided by specialist development finance provider, Shawbrook Bank.

Shawbrook has a track record of supporting SME property developers with “ground up” finance with its facilities ranging from £1m to £30m.

Since the inception of Shawbrook’s Development Finance team, it has successfully provided more than £650m in finance for projects across the UK.

Rowan added:

“As a specialist lender, Shawbrook provided us with a funding facility to assist with the redevelopment of the site.

They were an extremely flexible, responsive and knowledgeable lender, particularly as we attempted to overcome barriers to complete a re-development project in the midst of the Covid-19 pandemic.”

Terry Woodley, Managing Director, Development Finance at Shawbrook, said:

“We are delighted to have supported this ambitious and technically challenging scheme and to have worked so closely and successfully with such an innovative and creative property developer in the form of Featherstone.

From the very beginning, our close relationship with the client ensured that we understood their specific requirements and could provide the funding to complete the development successfully despite market uncertainty, initially in relation to Brexit and then more recently, Covid19.

As a specialist development finance provider, our understanding of the market and also of the challenges that SME property developers are facing in this climate allowed us to adopt good sense and judgement to help Featherstone complete an outstanding re-development project in the area.

With over 70% of unit sales now completed, this development demonstrates that Featherstone Homes is providing modern, well designed new build apartments in the right locations and with strong demand from buyers and we are delighted to be supporting them.”

Shawbrook was introduced to this project by Adrian Dadds of Mulgrave Finance.