Paragon supports Chase New Homes with development of The Broxbourne school and residential housing scheme.
- Paragon provided an initial £22m funding package for Phase 1 of scheme and is committed to funding remaining phases
- Chase has constructed state-of-the-art new facilities for Broxbourne School and 53 new homes
- Overall scheme will deliver over 150 new homes
Paragon Development Finance has supported Chase New Homes (Chase) with Phase 1 of its Broxbourne development in Hertfordshire, including the construction of a new state-of-the-art school and 53 luxury homes. Paragon assisted the development through an initial £22 million funding package and is committed to funding remaining phases.
Chase is developing the residential units, known as the Scholars, on land acquired from the prestigious Broxbourne School. As part of that agreement, the company has recently completed the construction of state-of-the-art new school buildings and facilities for the school to replace its old facilities.
The school’s new building, which was completed a term ahead of schedule, officially opened on 14 April at a ceremony attended by pupils, governors, teachers and the team from Chase. It will house approximately 1,500 pupils aged 11 to 18, including a sixth form. The school provides best in class facilities creating an outstanding teaching and learning environment.
Work on the housing development located in the grounds of the old school, aptly named Scholars, is underway and this comprises over 150 three, four and five-bedroom houses and two-bedroom apartments, with prices from £400,000 for a two-bedroom apartment and £655,000 for a three-bedroom house.
Paragon is committed to supporting all phases of the development, which will result in the delivery of over 150 residential units through a revolving credit facility. The combined Gross Development Value of the scheme is in excess of £100 million.
Tony Carey, CEO of Chase New Homes, said: “New development doesn’t just mean the delivery of houses and apartments. Phase 1 of this project proves that with careful planning and a spirit of collaboration across the public and private sectors, new homes can also mean new amenities for the whole community to enjoy.
“Demand for homes included in Phase 1 of the scheme are proving popular with buyers and we are excited to commence Phase 2. As a committed lender, Paragon Development Finance has been integral to this scheme, across both the construction of the school and the new Scholars housing development.”
Paragon Development Finance Relationship Director Simon Dekker added: “We were delighted to have provided a flexible funding package to assist not only with the completion of The Broxbourne School, but also the development of Scholars – the new homes development by Chase New Homes. The Broxbourne School, with its state-of-the-art facilities, is fantastic and we are proud to have been involved in its delivery and it has been excellent to see such successful collaboration between the public and private sectors”