A major boost for Preston has been announced with an £8.8 million funding injection from Paragon Development Finance to the Oakwood Group, paving the way for 51 new energy-efficient homes on a site in Broughton, four miles north of the city.
The substantial facility will cover both the acquisition of the Garstang Road site and construction costs for the scheme, which is expected to be worth around £20 million. The development, led by Oakwood Construction (Northern) Ltd, follows similar successful projects in Ormskirk, Lancashire.
Residents will benefit from strong transport links via the M55 and M6 motorways, as well as public transport connections to Preston and rail services to Manchester and Blackpool. Local amenities are also plentiful, including Broughton High School, which has maintained an 'Outstanding' Ofsted rating since 2022.
All homes in the development will be designed to achieve an EPC A rating, featuring AAA-rated double-glazed windows, enhanced insulation, energy-saving combi boilers, solar panels, and electric vehicle charging points. This meets the criteria for Paragon's Green Homes Initiative, which offers a reduction in loan exit fees for developments with high percentages of energy-efficient homes.
The inclusion of 20 affordable units in the scheme addresses ongoing requirements for mixed-tenure developments across the UK. As housing affordability remains a significant concern, this development is crucial for meeting diverse housing needs. For households, the focus on energy efficiency could translate into lower utility bills over time – a welcome prospect given the fluctuating energy market.
Jonathan Ball, managing director at Oakwood Group, highlighted Broughton's desirability due to its excellent connectivity, high-performing schools, and strong community. Nigel Jackson, senior relationship director at Paragon Development Finance, praised Oakwood's ability to deliver quality homes that respond to local housing demand.