UTB funds £19m Birkdale residential development for Oakwood Group

United Trust Bank (UTB) Property Development has provided a £13m acquisition and development facility to support the delivery of a new residential scheme in Birkdale, Southport.

The funding has been provided to Oakwood Group.

The new development will transform a former utility site into a collection of 33 new homes with a total GDV of approximately £19m.

The scheme comprises 18 detached houses, 11 semi-detached homes and four large duplex apartments.

The £13m facility represents 68.5% LTGDV and 89% LTC. The new funding follows UTB's successful £12m support of another Oakwood Group development, which is approaching practical completion.

Jonathon Ball, founder of Oakwood Group, commented: “We are delighted to be commencing this development, having committed significant time and effort progressing the scheme through a challenging planning process.

“It has been great working with Huw and the UTB team once again.

“Huw [Jenkins, senior director of property development at United Trust Bank] understands our business and our ambitions, and UTB’s support enables us to move forward with confidence on what will be one of our most exciting developments to date."

Huw said: "One of the most satisfying aspects of development finance is supporting experienced developers as they grow their businesses and move on to increasingly ambitious schemes.

“Having already worked successfully with Oakwood Group on another substantial development, we were keen to support Jonathon on this prestigious project.

“Jonathon and the Oakwood team have created a development that makes the most of its exceptional setting while delivering attractive high-quality homes which we believe will be very well received by the market."