Developing a framework for future grown
Representatives from the government’s Homes and Communities Agency (HCA) have visited a Wolverhampton development being built thanks in part to a new funding scheme.
Broadleaf Gardens is a 2.45 acre plot on the site of a former Wolverhampton Council owned special school being developed by Midlands’ property specialists Tatton Hall Homes and is the only one of its kind in the region utilising funds from both the private sector and government finance.
Richard Carroll, Operations Director at Tatton Hall Homes, said: “The development has been funded from two sources: a former funding programme from the government’s Homes and Communities Agency (HCA) now known as the Home Building Fund, and the Housing Growth Partnership, a joint venture between the HCA and Lloyds Banking Group.”
The recently launched Home Building Fund offers finance to small and medium sized builders and custom builders to enable them to grow their business while providing much needed new homes. Richard added: “The Home Building Fund has up to £1billion to lend to support developments such as Broadleaf Gardens, but has only lent a small fraction of that amount - in part due to the stringent application procedures involved.
“We now have a framework through which we are in a much stronger position to put forward additional applications.”
Adele Lewis-Ward, Senior Transactions Manager for the HCA, said: “We’re determined to speed up delivery and promote new approaches to housebuilding nationally. It’s great to see this in action with this new mixed tenure development from Tatton Hall Homes.”
Tatton Hall Homes was keen to work with a legal partner that could offer the skills and experience to meet the range of issues they faced and turned to leading West Midlands law firm Higgs & Sons.
Claire Hamlin, a member of Commercial Property team at Higgs, commented: “Being able to provide support across a range of specialisms from planning through to corporate banking, helped to progress the application.
“Acting in partnership enabled us to develop a framework which will provide a model of working to support Tatton Hall Homes’ growth long into the future. Being able to bring in expertise across all aspects of the development was key to its success. “
The Broadleaf Gardens development, on the site of a former special school in the Bradmore area of Wolverhampton, is already well on the way to completion. It comprises 37 properties made up of a range of units from four bedroom detached properties through to two bedroom flats.
It also includes a specific development of affordable housing being offered to the community in partnership with The Wrekin Housing Trust.
When completed, it will contribute towards Wolverhampton City Council’s target of 13,400 new homes in the city between 2006-2026.
Alongside Claire Hamlin, the Higgs team was made up of Damian Beard and Geoff Kettle from the Corporate team who specialise in banking and funding matters while Dinah Patel, Higgs’ Planning and Highways expert, provided advice through the initial planning phases of the development.
This was posted in Bdaily's Members' News section by Sam Taylor .
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