£1.8m funding secured for Cheshire developer
31st January 2019, 10:09 am
Advised by leading north west accountancy firm Cowgills, Altrincham-based development manager Quinta Group and Knutsford based property developer Marsh Box Developments have secured £1.85m of development funding from Ratesetter.
The deal will enable the companies to complete Marsh Box, a 27 unit apartment scheme in Newcastle-under-Lyme.
Commenting on brokering the funding deal, Cowgills property finance director David Rainford said: “As with many of our clients we have a long-standing relationship with Quinta Group and have previously helped them to secure funding for their commercial and residential developments. We specialise in working with small to medium sized housebuilders and developers across the north west and were able to carefully analyse their specific requirement and find the best deal to meet their needs.”
Alexander Clarke of Quinta Group added: “We had an amount of equity in place to enable us to purchase the site and rework the planning but this additional capital will allow us to commence the build and complete the scheme in line with the development schedule. David and the Cowgills team provided invaluable advice throughout the transaction and are key partners in enabling us to deliver this scheme.”
Marsh Box is in a prominent location on Marsh Parade, near a main road into Newcastle under Lyme, and has had a significant amount of interest. The units are designed for owner occupiers and buy to let investors and will feature high specification apartments and resident only gardens with chill out zones.
The scheme contractors are Goodwin Construction in Congleton, Cheshire.
Cowgills is one of the North West’s leading chartered accountants and business advisory firms. Established in 1983, our clients are located across the UK but predominantly in the North West and are serviced by teams from our head office in Bolton on Chorley New Road and our Manchester office located in the XYZ Building in Spinningfields.