“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.”
– Oliver Powlesland – Paragon Development Finance
Paragon Development Finance has agreed a £37.1m facility with SME housebuilder Nicholas King Homes to fund the third and final phase of its Amber Waterside residential development in Cranleigh, Surrey. The development finance package will support the construction of 110 new homes, bringing the lakeside scheme to completion.
The phase comprises 22 two-bed houses, 48 three-bed houses and 18 four-bed houses, alongside 14 one-bed apartments and 8 two-bed apartments. Just under half are designated as affordable housing and have already been exchanged for sale. The overall gross development value is approximately £54m.
Homes will be built to a high specification, with EPC ratings expected to range from A to B, consistent with earlier phases. All units will have dedicated parking or driveways, extensive communal green space and wildflower planting, with two large lakes forming a prominent feature at the rear of the site. Around 20% of homes will be fitted with air source heat pumps.
Amber Waterside sits within walking distance of Cranleigh village centre, with access to shops, restaurants, leisure and arts facilities, and reputable schools. The Surrey Hills countryside and nearby golf courses add to the area’s appeal, while Guildford provides broader transport connections.
The facility marks the second development finance arrangement Paragon has put in place for Nicholas King Homes, led by Oliver Powlesland with support from Amanda White.
The housebuilder has more than 30 years’ experience delivering quality new homes across the Home Counties and South East. Paragon is also supporting a separate Nicholas King Homes scheme in Lane End, Buckinghamshire, now in its latter stages, with all 26 homes sold or under offer.
“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,” said Nick Bilsland, chief executive of Nicholas King Homes.
“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 the scheme would make a tangible contribution to local housing supply.
“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,” he said.
“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.”
Please visit:
Our Sponsor
