United Trust Bank has extended £13m in acquisition and development finance to Oakwood Group for a 33-home residential scheme in Birkdale, a coastal area in the North West. Oakwood Group, a regional housebuilding company established in 2014, is undertaking the project.
The development involves converting a former utility site into 18 detached houses, 11 semi-detached homes, and four duplex apartments. The total gross development value for the scheme is approximately £19m, with some properties offering views towards Royal Birkdale Golf Course and the coast.
This £13m facility represents 68.5% loan-to-gross-development-value and 89% loan-to-cost. It follows previous funding from United Trust Bank for another Oakwood Group development. All homes in the new Birkdale scheme are designed to achieve an EPC A rating, targeting buyers interested in energy efficiency and lower operating costs. Construction on the site is now underway.