The development will replace the existing property – a 1920s house that has remained empty for the last decade – with apartments that have a balcony, terraces and gardens, underground parking and leisure facilities for tenants.
The first tranche of funding (£830,000) was used to help Pillars Holdings acquire the 1.5-acre plot in September 2017.
The firm intends to demolish the existing property early this year (2018), with the project scheduled for completion by July 2019.
David Austin, CEO at Pillars Holdings, said: “When seeking finance to support this ambitious project, we found that there was very little support from high street banks and a hesitation to lend.
- Developer secures £9.9m facility from P2P platform
- Assetz Capital provides £8.26m facility for Manchester development
- Wellesley Finance provides £8.6m development loan
“We considered alternative options as we were keen to get this project off the ground in a relatively short time.
“We chose to work with Assetz Capital as they offered a transparent product backed up by an experienced team that understood the property market.
“The additional capital allows us to ensure the highest quality in our projects, and build apartments to the luxurious standard that our brand is known for.”
Rebecca Hall, regional relationship director at Assetz Capital, added: “David has an impressive track record and has worked on projects ranging from grand stately homes to luxury residencies in the Cheshire region.
“We are proud to support the business with the Ashbourne project, and look forward to developing our relationship with the team over the next few years.”