United Trust Bank provides funding for £7.6m new homes development near Milton Keynes
United Trust Bank (UTB) has agreed to fund a £7.6m development of new houses and bungalows close to Milton Keynes in Buckinghamshire. The development, in the sought after village of Newton Longville, is being completed by James Taylor Homes in a joint venture with Housing Growth Partnership (HGP).
James Taylor Homes is a long established housebuilder with a strong track record of successful high quality developments in and around Central and West London. Housing Growth Partnership is a social impact investor backed by Lloyds Bank and Homes England which provides support to regional housebuilders and developers to increase the number of new homes built in the UK.
This scheme in Newton Longville comprises seventeen 3 & 4 bedroom houses and bungalows on an attractive low density greenfield site. The development is within easy reach of Milton Keynes with its excellent road and rail transport links and is designed to appeal to families and downsizers. UTB is providing £4.6m towards the purchase and development of the scheme.
James Hutchinson, Investment Director of Housing Growth Partnership commented: “HGP is delighted to deepen its strategic partnership with James Taylor Homes by embarking upon our second project together. We are also pleased to start a new relationship with UTB who is similarly focused on helping SMEs deliver more family homes. Newton Longville is a great example of HGP’s ongoing commitment to helping our partners grow and we look forward to working with James Taylor Homes and UTB.”
Emil Sohrab, Managing Director of James Taylor Group, Commented: “We are delighted to be embarking on a new relationship with UTB and enhancing our existing relationship with HGP. Our experience so far, from our initial approach to draw down, is that our proposal could not have been dealt with more professionally and efficiently. Phil has been great to work with and we look forward to another successful project and many more to come with both UTB & HGP.”
Philip Kirkwood, Property Development Director at United Trust Bank, commented: “SME housebuilders play a vital role in tackling the UK’s housing shortage and UTB is keen to provide the funding to keep them building, despite the economic uncertainty presented by Covid-19 and Brexit. As such I’m delighted that we’re supporting this joint venture between James Taylor Homes and Housing Growth Partnership.
“It’s particularly pleasing that we were able to progress and complete this facility in the midst of pandemic with all the additional challenges this has brought to all of our businesses. I’m looking forward to working with James and Emil as the development progresses and I’m sure this will be the first of many successful projects on which we work together.”