Shawbrook has provided a £7.5m development finance facility to Daniel James Developments for the Birley Grange scheme in Shenfield, Essex, a ten-unit residential development within a private gated estate that has now completed.
The 23-month facility, structured at 66% loan-to-gross development value, supported the delivery of seven detached homes and three conversion apartments. The completed scheme carries a gross development value of approximately £11.5m. Birley Grange sits within walking distance of Shenfield Station and represents Shawbrook’s second development finance transaction with the same developer.
The scheme’s scope expanded during the build after Daniel James Developments secured two planning enhancements. Consent was obtained to add an additional apartment beyond the original approved scheme, and a further consent replaced the planned refurbishment of an existing annex with a new-build home.
Both changes increased the scale and value of the overall development. The planning process required the programme to be managed around the consent timetable while work continued across the wider site.
“We had a clear vision for Birley Grange from the outset, but we also saw opportunities to improve the scheme as it progressed,” said Daniel Mauro, owner of Daniel James Developments. “Securing the additional planning consents allowed us to make better use of the site and ultimately deliver a stronger development.”
Mauro said the existing lender relationship supported the project’s ability to adapt as plans developed. “Having already worked with Shawbrook, there was an understanding of what we wanted to achieve and the flexibility to support the project as those plans changed,” he said. “We’re really pleased with the finished scheme and the response from buyers.”
Charles Spence, relationship director for development finance at Shawbrook, said the planning enhancements had allowed the developer to extract more value from the site. “Birley Grange is a high-quality scheme in a strong location, and the planning enhancements secured during the development allowed the developer to maximise the opportunity,” he said.
“This is the second project we’ve supported them on, building on the relationship established through our first transaction.”
Spence acknowledged a degree of error in his closing remarks, noting the scheme as both complete and sold. “Development plans can evolve, particularly when there is an opportunity to improve the end product,” he added.
“It’s great to now see the development complete and now sold, reflecting the quality of what the team has delivered.”
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