Nottingham-based property developer Hockley Developments Ltd has secured a £5.4 million funding facility from Paragon Bank to support the second phase of its Sherwood Library development in Spondon Street, Nottingham. The scheme will consist of 12 houses and 22 flats in the second phase of the development and is expected to be complete by January 2025. The first phase of the development saw the building of a brand-new library, a Sainsbury’s and seven flats. Within the second phase of the development, 14 flats have already been sold and will be used for supported living accommodation. This is Paragon’s fourth deal with Hockley Developments, having previously supported the company to fund various projects including a £1.6 million funding package to turn a former care home in Nottingham into 23 self-contained one and two-bedroom apartments.
The deal was led on behalf of Paragon’s Development Finance team by Senior Relationship Director Steve Hallam, with support from Senior Portfolio Manager Ashling Quinn.Alan Forsyth, Managing Director at Hockley Developments, said: “It has been a pleasure to work with Paragon bank on this new development loan. As has been the case when working with them previously, communication has been good at all stages, and the process has been smooth between all parties.
“We look forward to delivering this exciting new project in Nottingham, and providing some quality, much needed housing over the next 12 months, with the support of Paragon.”
Steve Hallam, Senior Relationship Director at Paragon Bank, added: “It’s been a pleasure to work with Alan and the Hockley Developments team on another funding facility, enabling the company to build more high-quality housing in the East Midlands. “We’re looking forward to seeing the positive impact this new site has on the local area and hope to continue working with Alan and the team to support them with more upcoming projects.”
