Downing provides £18.4m loan for landmark Hertfordshire residential development
Downing has completed an £18.4m loan to a regional developer to support the restoration and residential redevelopment of the former Princess Helena College at Temple Dinsley, Preston, Hertfordshire.
The financing, provided by Downing’s Private Credit team and led by Will Powell, will support the conversion of the Grade II listed former school buildings into 40 apartments and three houses. The project will run alongside the development of 24 new-build homes within the surrounding grounds.
The historic main building was designed by renowned British architect Sir Edwin Lutyens and forms the centrepiece of the site.
Located in the Hertfordshire village of Preston, south-west of Hitchin, the development is within driving distance of Hitchin and Stevenage railway stations, both of which provide connections into central London.
Will Powell
, investment director at Downing, said: “This is an excellent example of the type of transaction our Private Credit team is well-positioned to support. The development combines the sensitive restoration of an important Grade II* listed building with the delivery of much-needed modern housing.
Projects involving listed buildings can be complex and not without risk, but our knowledge of the customer’s exemplary track record in this field helped us to understand the scheme and its approach to preserving the character and original features of the former college. We are delighted to provide the £18.4m funding required to support the next stage of its development.”