Funds advised by Hilltop have completed a £15.0m loan to Gage Properties for the acquisition and development of 9 units within the reputable Taplow Riverside development by Berkeley Homes in South Buckinghamshire.
Of the 9 units, 2 will be conversions of the Old Boat House, an existing office facility, into large semi-detached houses; 6 will be newbuild terrace houses; and 1 will be a refurbishment of an existing on-site cottage. Each house will come with its own private boat mooring, appealing to the target audience of affluent Londoners looking to relocate as a consequence of the pandemic.
Rightmove has reported a surge in the sales of homes above £1m since the end of the lockdown, with year-on-year sales up 105% and outperforming the rest of the market. Over the same period Knight Frank report waterfront homes selling for up to 46% more than landlocked comparables, with asking prices increasing faster.
Project sponsor and Managing Director of Gage Properties, Gavin Essex said:
“Taplow is our largest site acquisition to date, and our second to be funded by Hilltop Credit Partners. The development is a particularly exciting opportunity to add an aspirational element to an already popular development. We have worked with Hilltop previously and their commitment to their clients made choosing them again an easy decision.”
In what can be described as a ‘renaissance’ for many areas outside of London, people are increasingly willing to trade commuting for larger, better homes. The arrival of Crossrail in Taplow in 2022 brings direct journey times to central London down to approximately 40 minutes, enhancing the area’s appeal to high-income professionals who would historically purchase in affluent London boroughs.
Paul Oberschneider, Founder and CEO at Hilltop commented:
“Gage have proven a pleasure to work with previously, thoroughly innovative, professional and dedicated. This new development is truly gorgeous; whilst falling outside of the ‘affordable’ bracket, I have no doubt whatsoever about its success.
With this announcement, Hilltop has facilitated construction of 176 residential units across England to date.”