Aldermore provides £6.4m for regeneration scheme in Newcastle Upon Tyne
Aldermore bank has provided a £6.4m property development loan to returning customer, McIver Homes, an independent housebuilder and build-to-rent developer in the North East of England. The loan will finance the development of its Timber Quays site in Newcastle upon Tyne. Plans for the site consists of a new build seven storey property featuring 51 residential apartments and two ground floor commercial office units.
The development lies within the Ouseburn Valley on the site of a former timber yard and is an area of Newcastle in which considerable regeneration has occurred over the past two decades. Public and private sector investment have helped create a mixed-use area with residential accommodation, leisure venues, workshop/studios and offices alongside existing industrial occupiers.
James McIver, founder of McIver Homes, said: “Aldermore have been very hands on since day one, so it was only natural for us to want to secure funding with them for a second time. Iain’s team have a deep understanding of the property market in the north and have been supportive and helpful throughout the process.”
McIver Homes is a returning development finance customer to Aldermore and currently has a portfolio of 69 rental properties across the North East of England. This latest development will add to its growing build to rent portfolio.
Iain Bryson, head of development and specialist property at Aldermore, said: “We’re delighted to have worked with McIver Homes again to provide them with the funding solution they were looking for. James and his team at McIver Homes have a great reputation locally and extensive experience of delivering successful BTR schemes in the North East. They employ local people, invest in local communities, and deliver a great product. Our relationship with them is a fantastic example of how we are working closely to provide both development finance and longer-term debt solutions to SME developers across the country.”
When the building is complete, each apartment will have access to the McIver living app which can be used by residents to book cleaners, report any maintenance issues, pay rent, and book an electric bike or car from the onsite carpool.
Aldermore provided the loan to Ouseburn Quays Ltd, a new Special Purpose Vehicle (SPV) of McIver Homes Limited.