Supporting existing customer, Gary Poole of Lingar Holdings (Chester) Limited, the Charles Street team provided £950,000 in development funding for a highly technical build which saw construction of the properties directly into the rock face.
The properties feature garage space at the ground floor, bedrooms on the first floor and living space on the second floor delivering spectacular views of the Menai Strait and famous suspension bridge.
The scheme, situated on Beach Road, was purchased in July 2021 for £535,000 with planning permission granted for two dwellings thereafter. Having already demolished existing buildings and excavated the site along with the installation of drainage and raft foundations, Gary Poole sought a development loan from Charles Street to cover the total build and professional fees for the project.
Delivered to an exceptional specification, the properties are now achieving a £2.7m gross development value. In addition to requiring a technical approach to constructing the homes into the rock face, flood risk also had to be factored into the design of the project.
The now-completed homes are expected to secure a sales price of £1.4 million each and are currently offered for sale on the open market.
Developer Gary Poole said, “Locations as unique and impressive as this hardly ever come onto the market, so it was important that I was able to move quickly and effectively on this opportunity. I was fortunate to have found a finance partner who could support my vision and its technicalities in both a similarly quick and effective way. Charles Street’s support has been paramount to the success of this project, and their team are a joy to deal with. Through the relationship established with the Charles Street team we have developed mutual trust that each party will deliver on its promises to ensure the success of any project. I’m truly delighted in the result and bringing this unique project to life has been a privilege; we are already working with Charles Street on the next project and hope to continue to do so in the future.”
Tom Garthwright Property Development Manager for Charles Street said, “We were delighted to support our repeat customer on this impressive residential development. From the outset we understood the vision that Gary had for the site and his ability to deliver a first-class product.”
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