Starburst Property

Developer secures £1.55m to build seven affordable Cambridge homes

Suffolk-based developer Starburst Property has built seven new affordable homes in Cambridge after securing £1.55m of funding from Lloyds Bank Commercial Banking.

The funding enabled the construction of six flats and one semi-detached house at Middle Watch.

The flats were built over two floors and are a combination of one- and two-bedroom properties, with one adapted for wheelchair users.

Starburst Property Ltd was launched by a group of property specialists after securing a development site in Swavesey in north Cambridge.

During the planning permission process, the company won its first contract with Flagship Homes to develop the site.

Peter Brooks, a director at Starburst Property, said: “Swavesey has received a lot of inward investment recently, with improved transport links and infrastructure between Cambridge and Huntington, making it the ideal time to invest in the area and introduce new homes.”

Andy Bailey, relationship manager at Lloyds Bank Commercial Banking, said: “Starburst Property is a new company that’s made a commitment to tackle the housing shortage by providing residents with affordable homes.

“We’re committed to helping Britain prosper by supporting businesses like Starburst Property, which is why we’ve pledged to increase the amount we lend to SMEs and mid-market companies by £2bn during 2017.”

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