Property investment and development company Inspired Asset Management has secured funding for 15-29 The Broadway in Crawley, West Sussex.
The development is being funded through a £13.4m senior loan from Zorin Finance, advised by Arc & Co.
The former office and retail building will be demolished to make way for 78 new one and two bedroom apartments for rent with a communal rooftop terrace and 7,998 square foot of ground floor retail. It is a 14-month build programme with practical completion anticipated for Q1 2020.
Inspired purchased the building in 2015 and obtained planning permission for the scheme in 2016. The development has an estimated GDV of £21m and is expected to generate circa £1.75m gross rental income per annum.
The apartments will benefit from Inspired’s typical high specification comprising engineered hardwood flooring, designer kitchens and bathrooms, communal Evinox heating systems and superfast 1 Gb broadband by Hyperoptic.
With a population in excess of 105,000, Crawley is a thriving commuter town with trains to Gatwick Airport taking just 9 minutes and London Victoria 42 minutes. A substantial growth programme is underway with £31.4m being invested in infrastructure improvements and physical regeneration designed to support new homes, business investment and employment.
Martin Skinner, Chief Executive of Inspired Asset Management, said:
“I’m delighted to announce that we have secured development finance for this exciting scheme, Inspired’s first wholly new-build development, and we can now look forward to adding another asset to our emerging Build to Rent portfolio.
“Crawley offers fast trains to London as well as being a local employment hub just 4.5 miles from Gatwick Airport. There is strong rental demand, especially for high quality new homes located in the town centre.”
Commenting, John Kerrigan, Director at Arc & Co., said:
“The funding of this residential development is welcome news in a difficult market. It proves that there is still funding available for well-located, well-designed schemes, which are sensibly priced and supported by a good calibre sponsor.”