In a recent deal with long-term funding client Farleigh Rengen, Hodge will fund the redevelopment of Norfolk House – a former office block located on the fringe of Bristol’s city centre. To be branded NOHO – playing on the original Norfolk house name – the small development facility, worth £1.18m, will be transformed into nine modern, New York style apartments.
Projected to complete in January 2021, this redevelopment project is the latest in a surge of substantial redevelopment in the area – which has meant significant increase in demand for residential properties.
Hodge has a long-standing relationship with developer Farleigh Rengen, and has funded several developments of similar size in the past, for the development of both residential and student housing. Deals of this size form a key part in Hodge’s lending approach, as the bank shifts its focus to support residential developments.
Speaking about the deal, Iestyn Lewis, Group CEO, said:
‘We’re delighted to have closed development finance for our NOHO scheme in the centre of Bristol, through our long term funding partner Hodge bank. This is another excellent scheme for Farleigh Rengen and brings some New York styling to central Bristol through our in-house interior design platform Iesis Creative. We’ll be launching sales in Q1 2021. This is our second funding deal with Hodge in as many weeks!’
Rhos Evans, Hodge’s Credit Support Manager, added:
‘This is a historic relationship between funder and borrower, and we’re delighted to continue to support Farleigh Rengen as a proven, experienced developer with a stellar reputation. It’s an exciting area to be developing in Bristol, with lots of redevelopment over the past few years, and this latest repurpose of an existing office block is testament to this, providing much needed housing.’
If you’re interested in a development project and are looking funding, find out more about Hodge’s development finance funding.