Funds advised by Hilltop Credit Partners have completed a £15.0m loan to the Propiteer Group for a development project within the Fletton Quay area of Peterborough, Cambridgeshire.
The project will deliver 100 private 1-bed and 2-bed flats, including associated underground parking and cycle storage, on a brownfield site close to the River Nene and within walking distance of Peterborough Station and a number of retail centres. The £120m Fletton Quay regeneration area is being developed by the Peterborough Investment Partnership to create a vibrant multi-use development close to the city centre.
Savills have commented that Peterbrough has seen a robust price growth resulting in strong rates of sale for new homes, primarily driven by the relative affordability of Peterborough compared to neighbouring cities and it’s good commuting links. Investor interest in the city centre has traditionally been underpinned by the presence of faculties of Anglia Ruskin University and University Centre Peterborough.
One of the first 7 municipalities to receive funding from the Government’s Towns Fund, Petebrough City Council has ambitious plans to enhance the growth of 8 regeneration sites around the city by securing £600m of funding for additional projects focussed on connectivity, enterprise and skills infrastructure, tourism and sustainability
The development will be managed by Propiteer Group’s in-house team of Development Managers and Financial Directors comprising previous experience from Lord Alan Sugar’s Amshold Group, Santander and Goldman Sachs.
Commenting on the partnership, Dave Marshall, CEO of Propiteer Group, said:
“Propiteer has already been involved with bringing the Hilton Hotels brand to Peterborough. We’ve seen the potential for the city and are excited to be part of the Fletton Quays project. Hilltop came with strong credentials and we’re looking forward to partnering with them.”
Jacob Andersen, Head of Transactions at Hilltop Credit Partners, commented:
“This project sits well with Hilltop’s appraisal of market conditions at the moment – regional towns are presenting amongst the most compelling cases for investment. It’s our first commitment in East Anglia and given the pedigree and local experience of Propiteer I have no doubt of its success. ”