OakNorth

Specialist bank provides £12m for Northampton housing development



OakNorth has lent £12m to Barry Howard Homes to allow the property development company to provide 139 new homes in Northampton.

The business has built over 1,300 affordable and private homes across the UK over the last 20 years and has a projected GDV of around £170m between now and 2022.

The finance from the specialist bank will be used to acquire an 11.83-acre plot of land on Towcester Road, Hill Farm, Northampton, and develop 139 residential units on it.

Once completed, the site will consist of 56 detached houses, 78 semi-detached properties and five two-bedroom apartments which will be sold at an average price of £230,519.

Residential property company Heylo Housing has already agreed to purchase 83 of the units once completed.

“This is one of the fastest-growing regions in the UK, so we know there is avid demand for new housing, as evidenced by the fact that we have already secured a sale of 83 units from Heylo,” said Barry Howard, founder and director at Barry Howard Homes.

“With OakNorth’s support, we will be able to bring some much-needed new homes to the region and look forward to working with the team on additional transactions in the future.”

Hemesh Patel, property finance director at OakNorth, added: “Barry has extensive knowledge of the sector and has successfully completed a number of large-scale residential projects in the past.

“The fact that a large portion of the units have already attracted interest from Heylo demonstrates that Barry and his team are very aware of market demand and how to meet it.

“We look forward to working with him again in the future and seeing the development once completed.”


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