13 Aug 2021 | by Chris Borland
East Lodge Capital’s partnership with Fairfield Real Estate Finance writes first loan
- What Transformation of Hayle Harbour into major mixed-use scheme supported by new £86m development loan from East Lodge Capital
- Why Brotherton Real Estate arranged the facility
- What next Developer Corinthian Homes close to completing first phase of the scheme
Corinthian Homes Group has secured an £86m loan from East Lodge Capital for the development of one of the largest mixed-use developments in the South West, React News can reveal.
The development facility – arranged by Brotherton Real Estate – is the first loan to be provided by East Lodge Capital’s partnership with Fairfield Real Estate Finance.
It is secured against Hayle Harbour in Cornwall, a mixed-use development that has a gross development value of around £300m.
Alistair Lumsden, CEO of East Lodge Capital, said: “This is an important and historic site both for its World Heritage Status and its growing commercial fishing fleet. We believe this project will greatly enhance the local community and reinforce this picturesque part of Cornwall as one of the top travel destinations in the UK.”
Colin Duncan, MD of Fairfield Real Estate, added: “This is a great scheme for Fairfield to be involved in both in terms of the prominence and importance of the development site and from a business perspective in broadening Fairfield’s debt offering through a new relationship with East Lodge Capital.”
Over 550 homes and 110,000 sq ft of commercial space to be delivered
The new facility will allow Corinthian Homes, which is run by CEO Simon Wright, to refinance its existing debt and continue with the first phase of the development.
It is exciting to work on such an exciting regeneration scheme that looks set to bring life back to a working harbour and provide much sought after new homes to the area
TANYA WOLFE, BROTHERTON REAL ESTATE
Planning has been secured for 522 homes – including a significant portion of affordable housing element – as well as 110,000 sq ft of commercial space, a community and arts centre, and a new hotel.
Phase one of the scheme includes 143 residential units and 32,000 sq ft of mixed-use commercial space. Construction is well underway, and approaching practical completion.
Tanya Wolfe, director, Brotherton Real Estate, said: “It is exciting to work on such an exciting regeneration scheme that looks set to bring life back to a working harbour and provide much sought after new homes to the area. Assisting Simon, an impressively entrepreneurial developer, has been a pleasure, and we look forward to following this transformational project through to completion.”
Simon Wright, CEO of Corinthian Homes, added: “This £86m investment will allow Corinthian to deliver over 500 residential homes including 93 affordable homes and further community enhancements at this £300m GDV landmark scheme, delivering long term investment and commercial opportunities for many years to come.”