Troy, the largest independent network for industrial and engineering supplies in the UK, has today announced a £15.5 million investment from BGF – one of the biggest and most experienced investors in the UK and Ireland – to support its growth strategy. A family-run business, founded in 1986 and based in
Essex based property Beresfords has recently been appointed to market the stunning Woodlands Park development, built by prestigious award-winning house builder Wickford Development. Located in Great Dunmow, Essex, the development currently includes five, four and three-bedroom high-quality family homes – with prices starting at £455,000. The homes are being built
The latest research by London lettings and estate agent, Benham and Reeves, has revealed what it takes to purchase a property in the top one percent of the property market, with the average buyer requiring an estimated income of £4.7m in order to do so. Benham and Reeves analysed sold
Leeds City Council, Lloyds Banking Group and Arup have been successful in their Green Homes Finance Accelerator Bid, to test and develop financial products for homeowners which enables building retrofit, and improve energy efficiency and comfort for residents. The new funding awarded through the Net Zero Innovation Portfolio (NZIP) by
Hortons’ Estate Ltd has completed its third and largest investment deal so far this year, with the acquisition of a multi-let industrial estate in Staffordshire. The independent property company has purchased Hixon Airfield Industrial Estate, a former RAF base in Hixon, near Stafford. The site comprises almost 500,000 sq ft
Puma Property Finance (Puma) has today announced it is providing a development facility for Glenmore’s most recent purpose-built student accommodation (PBSA) project in Dundee. The £25 million, 152-bed all-studio accommodation is located minutes away from both the University of Dundee and Abertay University, next to the city centre. The development
Over £1bn of investment opportunities in Greater Lincolnshire and Rutland will be showcased by a collaborative inward investment team at national investor forum UKREiiF. Representatives from Lincolnshire County Council (LCC), Greater Lincolnshire Local Enterprise Partnership (GLLEP) and Team Lincolnshire – a public and private sector group of Lincolnshire ambassadors –
Regeneration firm Urban Splash has signed a new £10m funding deal with Grosvenor Property UK. The deal sees Urban Splash and Grosvenor form a land acquisition partnership that will purchase land assets and work up schemes post purchase. The announcement follows Grosvenor’s recent launch of its £120m residential debt strategy,
The specialist lender Atelier has launched a comprehensive lending framework to finance residential property developments built with offsite and modular construction techniques. The drive marks the first time a major lender has addressed the challenges that SME developers face in financing modular and offsite construction. Research by Savills predicts that by 2030,
Holiday Park Operator Haven and a Blackstone portfolio company, are set to invest more than £170m across multiple sites in the UK in 2023. The expansion follows the continued growth in demand for staycations and includes new activity across its 41 parks. Haven is one of the UK’s most popular
Troy, the largest independent network for industrial and engineering supplies in the UK, has today announced a £15.5 million investment from BGF – one of the biggest and most experienced investors in the UK and Ireland – to support its growth strategy. A family-run business, founded in 1986 and based in Exeter, Troy is Britain’s leading independent MRO (maintenance, repair and overhaul) product distributor, serving the industrial, engineering and trade sectors nationwide via its distribution centres and buying group of 400-plus members. Passionate about championing independent merchant businesses, Troy delivers value for its members via instant access to more than 420 suppliers of leading industry brands at the best possible purchasing terms, a best-in-class business support system, an invaluable network of people, and an investment platform to ensure local businesses are future-proofed. With further investments in 16 member businesses to date, Troy has delivered value growth via system enhancements and group synergies. Troy and its members service a range of sectors including general manufacturing, rail, renewable energy, automotive, medical, aerospace and trade, with a broad product offering including power tools, cutting tools, fixings, fastenings and PPE. Under the leadership of Paul Kilbride, who acquired Troy in 2010, the business has experienced rapid growth and is now the largest independent distribution network in the industrial and engineering sector in the UK with a turnover of over £300 million. BGF’s financial support will further accelerate the company’s growth strategy. In addition to the investments the group has made within the membership over the last five years, there is also a significant pipeline of opportunities identified post-investment. Troy has appointed former Wickes CEO Simon King as Non-Executive Chair, following an introduction from BGF’s Talent Network – the largest pool of non-exec talent in the UK. Paul Kilbride, Chief Executive at Troy, said: “To deliver our strategy of structured growth, we required a minority investment partner that recognised the capabilities of Troy. “We are confident that with BGF as key allies we will maintain our growth trajectory and realise the company’s ambition.” The new £15.5 million investment deal was led by James Skade and Hannah Waters, investors in BGF’s Bristol-based South West team. BGF investor James Skade said: “This is a great opportunity for BGF to invest in a thriving national business network with an excellent reputation and a huge potential for growth. “We are delighted to be working alongside Paul and Simon and look forward to supporting the business to deliver on its ambitious growth plans.” Simon King, non-exec chair of Troy, said: “I’m excited to be joining the board of Troy, working alongside the wider team and BGF to capitalise on significant market opportunities and to position the business for further growth.” Advisors to BGF on the transaction were Tim Roberts, Martin Davidson, Rachael Ruane and Amy McVey (Burges Salmon), Tom Ayerst and Jack Jones (PwC). Advisors to Troy UK were Paul Bevan (Breeze Corporate Finance), Matt Eves, Dave Guy and Hannah Nonas (EY) and Mark Rutherford and Anna Mayfield (Gateley plc). Building, Design & Construction Magazine | The Choice of Industry Professionals
Essex based property Beresfords has recently been appointed to market the stunning Woodlands Park development, built by prestigious award-winning house builder Wickford Development. Located in Great Dunmow, Essex, the development currently includes five, four and three-bedroom high-quality family homes – with prices starting at £455,000. The homes are being built using traditional construction techniques, with more than 80 house types available that are aesthetically different to other large residential developments. Traditionally built with high-quality brick and concrete block materials, there are numerous external finishes that have been employed across the varying house types, to give each plot a distinctive feel. To further enhance the character of the estate, rendered finished have been strategically chosen and selected house types include sparse use of Eternit weatherboarding to complement the finishes and colours. The thoughtful architectural designs add to the palette and tapestry of each house, giving Woodlands Park its own unique identity and sense of place. The properties include either sliding sash or casement windows to suit to the style of the house and some have been fitted with bi-fold doors. All the plots have a laid patio and turfed lawn, with planting to the front garden, brindle block paviours laid in the driveways, parking courts and raised road platforms. Beautiful, landscaped gardens are included around and across the development and Wickford Development has planted and nurtured hundreds of trees across the site, to ensure the ambience of the estate is enjoyed by those living and visiting Woodlands Park. As part of its marketing efforts, Beresfords has also designed new branding for Woodlands Park which includes a refreshed logo and updated colour scheme as well as new banners and sales boards across the park. Joe Waller, new homes manager at Beresfords, said: “We’re delighted to be representing Woodlands Park in Great Dunmow, working with Wickford – who we have a long-standing relationship with. “Wickford are passionate about providing excellence in building high-quality homes across its sites. Acting as the agent on behalf of the company and marketing these exceptional, award-winning homes is something we that we are extremely proud of. We look forward to meeting prospective buyers as they look to purchase their dream home in Essex.” Wickford Development prides itself on providing quality from start to finish, and over the last 50 years its top-class team have collectively won more than 41 individual NHBC Pride in the Job awards – including 12 times regional winner and UK finalist. Stephen Hammond, managing director of Wickford said: “Following on our success at Woodlands Meadow, Wickford are delighted to be working with Beresfords at Woodlands Park, Great Dunmow. We keenly anticipate selling our NHBC award winning homes via Beresfords knowing they will provide an excellent service to Wickford and to the new home purchaser.” Building, Design & Construction Magazine | The Choice of Industry Professionals
The latest research by London lettings and estate agent, Benham and Reeves, has revealed what it takes to purchase a property in the top one percent of the property market, with the average buyer requiring an estimated income of £4.7m in order to do so. Benham and Reeves analysed sold price transactions for homes sold across London so far in 2023, looking at the median sold price of the top one percent of these properties, before calculating the required income needed to buy based on placing a 15% deposit and at an average income to lending ratio of 4.5 times salary. The research shows that so far across London, 8,119 homes have sold in 2023 with an average sold price of £525,000. However, the average sold price seen across the top one percent of the market comes in at a far heftier £4.75m. This means the average buyer looking to purchase in the top one percent of the London property market would not only have to put down a deposit in excess of £700,000, but they would need to earn almost £900,000 a year to qualify for a mortgage at 4.5 times income. Of course, across the nation’s most expensive market of Kensington and Chelsea, the required income is far, far higher. So far this year, the top one percent of homes sold across the borough have averaged £24.7m, meaning those looking to purchase at this very top tier of the market would require an annual income of almost £4.7m. Camden ranks second where the top one percent of homes have sold for an average of £14.1m in 2023, requiring an income of £2.7m. Westminster completes the top three, where an average sold price of £13.75m across the top one percent of the market so far this year means buyers would need to earn £2.6m a year to qualify. Those looking to buy in the top one percent of the market across Lambeth (£1.3m), Richmond (£1.2m), Merton (£1.1m) and Hammersmith and Fulham (£1.1m) would also need to earn in excess of £1m per year in order to do so. Even at the other end of the table, the top one percent of homes across Barking and Dagenham have sold for an average of £825,000 since the start of the year. While it’s the only borough where the average price of a home at the very top of the market sits below the £1m mark, buyers would still need to earn almost £156,000 a year to make their move. Director of Benham and Reeves, Marc von Grundherr, commented: “The London market is notoriously expensive even for the average buyer, but for those looking to purchase a home at the very top of the ladder, the finances required are quite mind boggling to say the least. The average price paid across the most exclusive pockets of Kensington and Chelsea is currently sitting at almost £25 million so far this year. Of course, those with the financial firepower to make such a purchase are unlikely to be phased by lending restrictions, but to put it into perspective, the average buyer would need an income of almost £4.7 million a year in order to qualify.” Data tables Data tables and sources can be viewed online, here. Building, Design & Construction Magazine | The Choice of Industry Professionals
Leeds City Council, Lloyds Banking Group and Arup have been successful in their Green Homes Finance Accelerator Bid, to test and develop financial products for homeowners which enables building retrofit, and improve energy efficiency and comfort for residents. The new funding awarded through the Net Zero Innovation Portfolio (NZIP) by The Department for Energy Security & Net Zero, will support the delivery of the council’s commitments in the Net Zero Homes Plan, which includes establishing a simple one-stop-shop with trusted advice and available finance as a key commitment. Retrofitting homes, the process of making changes to existing buildings so that energy consumption and emissions are reduced, is a key solution in simultaneously tackling climate change and the cost-of-living crisis. Devising a solution that makes the process more straightforward and cost-effective will help homeowners and tenants reap the financial and environmental benefits of a more energy efficient home. Leeds City Council, Lloyds Bank Group and Arup, along with a number of local West Yorkshire organisations, are collaborating to lead the way in how building and energy efficiency improvements and retrofit can be delivered to homes across Leeds. With their Green Home Finance Accelerator (GHFA) grant, the consortium is actively exploring how to make retrofit more straightforward and financially attractive to homeowners. The project is initially looking to support around 1,000 households become more energy efficient and help residents save money through innovative, scalable and replicable energy efficiency, retrofit and finance products. The purpose of this scheme is to create a prototype One-Stop Shop (OSS) solution that can be replicated and scaled to allow rapid adoption across the UK. The OSS aims to provide a seamless journey for customers to find the best solutions for their home, options for installation and provide finance. Current challenges for homeowners include high cost, complexity and difficulty finding suppliers. To respond to these challenges, the consortium has identified a set of priorities which underpin the concept. These include improving the customer process; offering a targeted range of retrofit options; and financial options to pay for retrofit solutions. GHFA funding will be used to design and test a potential Property Linked Finance offer and a smart tariff technology package as part of the wider OSS retrofit project. The OSS concept aims to support customers on a whole house retrofit journey, tailored to the requirements of the property and the customer’s timescale and budget. This can be individual upgrades or whole packages. Councillor Helen Hayden, Executive Member for Infrastructure and Climate, said: “Helping homeowners to access and afford energy-saving green upgrades for their own properties is a big piece of the puzzle when it comes to ending Leeds’ contribution to climate change. “That’s why developing innovative solutions which make that possible was a key commitment of the Net Zero Homes Plan that we announced earlier this year. “I am therefore delighted that the council, in collaboration with our private sector partners, has now been awarded additional funding to turn even more of our ambitious plans into reality”. Stephen Cook, Urban Energy Leader and Director from Arup, said: “We have worked closely with our partners to conduct in-depth user research which identifies what the priorities are for a project of this type. Retrofitting homes is critical at the moment as we tackle both climate change and the cost of living. “By devising a solution that makes the process more straightforward, adaptable and cost-effective, it will help encourage more homeowners and tenants reap the multiple benefits of a more efficient home”. About Department for Energy Security and Net Zero The Department for Energy Security and Net Zero provides dedicated leadership focused on delivering security of energy supply, ensuring properly functioning markets, greater energy efficiency and seizing the opportunities of net zero to lead the world in new green industries. The funding from the Green Home Finance Accelerator comes from the department’s £1billion Net Zero Innovation Portfolio which provides funding for low-carbon technologies and systems and aims to decrease the costs of decarbonisation helping enable the UK to end its contribution to climate change. Building, Design & Construction Magazine | The Choice of Industry Professionals
Hortons’ Estate Ltd has completed its third and largest investment deal so far this year, with the acquisition of a multi-let industrial estate in Staffordshire. The independent property company has purchased Hixon Airfield Industrial Estate, a former RAF base in Hixon, near Stafford. The site comprises almost 500,000 sq ft of existing industrial space, storage compounds and over 36 acres of land. It is the latest in a trio of acquisitions completed by Hortons in 2023, which combined total £35.65 million. They include deals for Sinfin Commercial Park in Derby and Joules’ Corby distribution centre, which further expand the company’s footprint of more than six million sq ft of office, industrial, retail and leisure properties located throughout the Midlands. Steve Tommy of Hortons, said: “We are very pleased to have completed our third significant investment deal in quick succession. “Hixon Airfield Industrial Estate is a well-established industrial estate with an impressive mix of international, national and local occupiers and complements our growing industrial property portfolio. We are looking forward to working with occupiers and attracting new business to the estate through existing units, storage facilities and potential future development.” Hortons was advised by Ben Roberts of Roberts Real Estate.
Puma Property Finance (Puma) has today announced it is providing a development facility for Glenmore’s most recent purpose-built student accommodation (PBSA) project in Dundee. The £25 million, 152-bed all-studio accommodation is located minutes away from both the University of Dundee and Abertay University, next to the city centre. The development will be Puma’s third with Glenmore and will seek to alleviate a growing under supply of new build stock in the city, particularly amenity rich, studio accommodation. Construction has already commenced on site and the project expects to be completed in time for the start of the 2024/5 academic year. More broadly, this deal comes at a time of increasing demand for student accommodation,[i] with the number of first-year undergraduate students projected to increase and applicants potentially reaching one million by 2030. According to a recent Savills report, there are currently 31% fewer 5+ bed properties listed for rent in Q1 2023 compared with the pre-pandemic average, which has impacted accommodation options for students.[ii] Coupled with increasing demand from international students to study in the UK, PBSA developments are playing a significant role in addressing the demand and supply dynamics across the UK. Eliot Kaye, Managing Director at Puma Property Finance commented: “We are delighted to be working again with our trusted partner, Glenmore, to address the increasing demand for high-quality student accommodation in Dundee which has been historically undersupplied. PBSA is an asset class that we know well, and this development represents our sustained commitment to the sector. Andrew Whiteley of Glenmore Student Property commented: “Ensuring that students have high-quality living facilities is a crucial challenge that must be addressed if we are to enable those who wish to continue their education to do so. Through our continued work with Puma Property Finance, this PBSA development in Dundee will go some way to addressing the shortage of new build accommodation options in the area. Within walking distance from two universities, it will be well placed to serve student demands.” [i] Savills, UK Purpose-Built Student Accommodation Spotlight [ii] Savills, UK Purpose-Built Student Accommodation Spotlight Building, Design & Construction Magazine | The Choice of Industry Professionals
Over £1bn of investment opportunities in Greater Lincolnshire and Rutland will be showcased by a collaborative inward investment team at national investor forum UKREiiF. Representatives from Lincolnshire County Council (LCC), Greater Lincolnshire Local Enterprise Partnership (GLLEP) and Team Lincolnshire – a public and private sector group of Lincolnshire ambassadors – are attending the event in Leeds next week (16 to 18 May). In its second year, UKREiiF is set to attract more than 6,000 delegates from the property industry, with more than 250 UK local authorities in attendance over the three-day event. The Greater Lincolnshire and Rutland inward investment team has ambitious plans for the region and will be sharing investment prospects across its 10-strong sector proposition, including advanced engineering and manufacturing, visitor economy, defence, health and life sciences, digital tech, commercial and residential development, and a particular focus on agri-food, low carbon energy and logistics. Investment opportunities across the region include the South Lincolnshire Food Enterprise Zone, Humber Freeport, hotel sites ready for development, land earmarked for housing, multiple business centres and commercial space and more. Councillor Colin Davie, Executive Portfolio Holder for Environment and Economy at Lincolnshire Council, said: “We saw great value from our attendance at UKREiiF last year and with the event set to be even bigger this year, we need to seize the opportunity to champion our region on a national stage once again. “We are focussed on targeting investors, developers and organisations that can help drive forward our key sectors and our work at the event will contribute towards growing our Greater Lincolnshire and Rutland economy and to create new jobs. “Greater Lincolnshire is such a vibrant place to call home. The lifestyle you can create here with our rich heritage, abundant culture, diverse jobs market and open green spaces and coast, make it a wonderful place to live” The lifestyle in Greater Lincolnshire and Rutland will also play a key part in the team’s promotion of the region as a place to live, learn, work and invest. Andy Gutherson, Executive Director of Place at Lincolnshire County Council adds: “UKREiiF is a fantastic platform for LCC, GLLEP, Team Lincolnshire and our local district councils to speak directly to investors about the unique opportunities we have to offer. Conversations had and connections made at these events are incredibly valuable and make a positive and far-reaching impact on our local economy. “Collaboratively, and as part of Midlands Engine, we will be flying the flag for the region as the place to live, learn, work and invest in and with a busy diary of meets, I’m looking forward to what the team and I can cultivate for Greater Lincolnshire and Rutland.” Lincolnshire excels in food processing and agri-tech and was chosen as one of the Government’s manufacturing zones. This followed growth deal grants of £18 million, including £5.1 million for South Lincolnshire Food Enterprise Zone and £2.4 million for University of Lincoln’s Centre of Excellence in Agri-food and Technology at Holbeach. Ruth Carver, Chief Executive at Greater Lincolnshire LEP said ““This is a good time for Greater Lincolnshire with growing interest in our place and our game changing sectors. Since last year we have made great strides in areas such as town deals, infrastructure development, humber freeport and our business parks. “With many transformational projects taking place, now is a key time to reposition Greater Lincolnshire firmly on the national and global map as an even better place for people to live and work. UK REIF provides a provides a platform for us to tell our story to a global audience once again and we look forward to meeting new connections and investors.”
Regeneration firm Urban Splash has signed a new £10m funding deal with Grosvenor Property UK. The deal sees Urban Splash and Grosvenor form a land acquisition partnership that will purchase land assets and work up schemes post purchase. The announcement follows Grosvenor’s recent launch of its £120m residential debt strategy, led by the investment team in its UK property business. The move signals an expansion of the property company’s regional presence which includes the 42-acre Liverpool ONE destination and a growing regional office portfolio. Speaking of the deal, Urban Splash director Nathan Cornish said: “We are proud to make this announcement and form a new venture, it will allow us to acquire more development sites so that we can add to our ever-increasing pipeline that currently stands at 5,000 homes and 500,000 sq ft of commercial space. “We believe in the power of partnerships and to add Grosvenor to the list is a big moment for us and a further endorsement of the Urban Splash brand and our ability to source and deliver exciting new opportunities.” Rachel Dickie, Executive Director, Investment, Grosvenor Property UK, said: “With a significant need for new homes across the country and a softening in traditional debt markets, we see opportunities to use our experience of residential development to support the delivery of new homes by matching our capital to experienced delivery partners. “Urban Splash has a track record of bringing forward some of the UK’s most innovative regeneration schemes and we are delighted to be able to support them to continue to expand.” Building, Design & Construction Magazine | The Choice of Industry Professionals
The specialist lender Atelier has launched a comprehensive lending framework to finance residential property developments built with offsite and modular construction techniques. The drive marks the first time a major lender has addressed the challenges that SME developers face in financing modular and offsite construction. Research by Savills predicts that by 2030, 1 in 5 of all new homes will be built using offsite or modular construction. While there is widespread acceptance of the new technologies’ transformative potential, developers wishing to build this way have, until now, been underserved by the development finance market. The launch of Atelier’s framework comes after the lender completed an industry-wide consultation with the modular and offsite manufacturing community, including real estate professionals and trade bodies such as the NHBC (National House Building Council) and BOPAS (Buildoffsite Property Assurance Scheme). Atelier has also created a simple guide for SME developers and intermediaries, providing clear lending and eligibility criteria where offsite and modular technology is used. Atelier’s offsite and modular framework will run in parallel with the Carbonlite Challenge, the pioneering sustainable finance solution it created to incentivise developers to build greener, more sustainable homes by offering highly competitive rates of interest. Chris Gardner, Joint CEO at Atelier, commented: “Everyone agrees offsite construction technology has the potential to transform residential property development. But it’s time for that potential to be turned into reality, and that’s why Atelier is determined to help developers build more homes this way. “We’ve collaborated across the construction industry, incorporating the expertise of more than 30 leaders in offsite technology to give developers, intermediaries and contractors a clear and practical guide to the opportunities and challenges that these new ways of building offer. “Above all, we’re working to be the lender of choice for developers who decide offsite is right for them – a trusted, expert partner who understands the technology and can provide reliable finance, a competitive interest rate and ongoing support, right through to the successful completion of their scheme.” Chris Hall, Innovation Services Manager at NHBC, commented: “The potential benefits of offsite construction are clear; consistent build quality, reduced costs and time on site, and strong sustainability credentials. More developers are considering these modern methods of construction, and that’s why Atelier’s lending framework is so timely. By making it easier for residential developers to incorporate offsite technology into their plans, and by providing the finance and support they need to build their schemes successfully, Atelier is addressing market challenges in a clear and concise way.” Terry Mundy, BOPAS Consultant, added: “For all the good work that has gone into raising industry standards in the design, manufacture and installation of offsite construction systems across the UK, one of the challenges that has proven harder to overcome is reassuring lenders to provide finance for such offsite schemes. By introducing its offsite and modular construction lending framework, Atelier is now raising the bar in the development finance sector, to facilitate the positive shift towards modular and offsite construction.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Holiday Park Operator Haven and a Blackstone portfolio company, are set to invest more than £170m across multiple sites in the UK in 2023. The expansion follows the continued growth in demand for staycations and includes new activity across its 41 parks. Haven is one of the UK’s most popular family holiday and holiday home ownership brands. The investment includes a staff recruitment drive, upgrading existing parks and opening new sites across the country in 2023, including Allhallows, in Kent, Thorpe Park, in Lincolnshire and Skegness, in Lincolnshire, both of which are due to open this summer. Haven managing director Simon Palethorpe said the investment would bring “greater employment opportunities and significant economic benefit to the local communities”. The move takes Haven and Blackstone’s total investment in the business to more than £400m. Building, Design & Construction Magazine | The Choice of Industry Professionals
