Urban Exposure

Urban Exposure to finance Welwyn Garden City development

Urban Exposure has agreed to provide senior debt financing to assist with the development of a former Shredded Wheat factory in Welwyn Garden City.

The development finance lender funded the original purchase of the site from Tesco last year.

The supermarket group was granted planning permission across the entire site for 850 dwellings.

The site (pictured above) – which is directly adjacent to Welwyn Garden City railway station – could potentially include up to 80 care home or assisted living units, retail, commercial, office and leisure uses as well as ancillary amenity space.

“We are thrilled to be financing this exciting development in one of the UK’s leading garden cities,” said Mike McMahon, partner at Urban Exposure.

“As London’s supply-demand imbalance continues to grow, locations such as Welwyn Garden City have an increasingly important role to play in offering affordable accommodation with convenient transport to the capital’s working districts.

“Redeveloping this landmark site will create a significant number of new homes and have a positive economic impact on the area, so we are pleased to be playing our part.

“After a strong end to 2017, we have entered the new year with good momentum and a well-stocked pipeline of further projects that we want to finance.

“Despite the headwinds from Brexit-related uncertainty, there are plenty of encouraging signs for the UK housing market at the start of the year, particularly in [the] high-growth regions we are targeting.”

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