Close Brothers Property Finance has committed to providing development funding for the fourth and final phase of Kingsbury Park. This residential project is located in Lutterworth, Leicestershire, and has a Gross Development Value (GDV) of £120 million. The measure represents the largest single development project funded by the lender. Since 2018, a total of 288 residential units have been created within this scheme, divided into four construction phases.
Project Overview and Scope of Funding
The Kingsbury Park project is considered one of the most significant residential developments in the Lutterworth region. It involves the creation of a substantial number of new homes, which have been successively brought to market since the development began. Close Brothers' involvement as a financing partner underscores the attractiveness and potential of the location, as well as the solid planning of the overall development.
The complete development of Kingsbury Park is a multi-phase undertaking aimed at meeting local housing needs. Each of the four phases contributed to the expansion of the housing supply and integrated into the existing urban environment. The now-funded final phase ensures the full realisation of the originally planned project objectives.
Significance for the Regional Property Market
The completion of Kingsbury Park is expected to have a positive impact on the property market in Leicestershire by providing a considerable number of new homes. Such large-scale projects contribute to stabilising the supply and can enhance the vitality of the local economy.
Ongoing support from specialised property financiers like Close Brothers Property Finance is crucial for the realisation of complex and large construction projects. The successful completion of this project serves as a reference for the lender's ability to support and enable comprehensive and long-term developments.
