Oaknorth Bank Completes £5.5m Investment to Hurstwood for Residential Development

October 21, 2020

Hurstwood has secured funding for new residential development Newchurch Meadows from property bank OakNorth.

The capital will be used to develop 30 new homes across a 2.5-acre rural site in Rossendale, Lancashire, including three five-bedroom, 13 four-bedroom, and three three-bedroom detached homes, two three-bedroom semi-detached homes, five starter homes, and four shared-ownership homes. Manchester city centre is less than a 30-minute drive away, with the Lancashire towns of Bury, Blackburn, and Burnley all reachable in less than 20 minutes.

Andy Park, Managing Director of Hurstwood Holdings, commented on the transaction: “Despite the current economic uncertainty that we all face, Chris and the team at OakNorth Bank were hugely supportive throughout the whole process, responding quickly to any questions and queries we had. . Having now completed a number of projects in the region, we know what buyers are looking for and thanks to the current stamp duty incentives, we continue to see strong demand. Rossendale is one of the most attractive areas of Lancashire, with the new development perfect for first-time buyers, growing families and those looking to move out of cities and get more space, as a result of more flexible working from COVID-19.”

Chris Swarbrick, Senior Director Debt Finance at OakNorth Bank, added: “Hurstwood is a long-established and well-respected property investor and developer in the North West, and more recently, nationally. Its management team has over 30 years’ experience in the property investment and has been through multiple cycles whilst continuing to grow."

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