{"id":11196,"date":"2026-05-19T15:02:37","date_gmt":"2026-05-19T15:02:37","guid":{"rendered":"https:\/\/second-home.uk\/?p=11196"},"modified":"2026-05-19T15:02:37","modified_gmt":"2026-05-19T15:02:37","slug":"st-albans-development-secures-12-5m-finance-package","status":"publish","type":"post","link":"https:\/\/second-home.uk\/?p=11196","title":{"rendered":"St Albans development secures \u00a312.5m finance package"},"content":{"rendered":"

Paragon Development Finance has provided a \u00a312.5m facility to SME developer BQ Properties (St Albans) Limited for a mixed-use scheme at 67-69 St Peter\u2019s Street in St Albans city centre. The 22-month facility will fund the construction of 34 residential units and three commercial units, with a projected gross development value of approximately \u00a323.5m.<\/p>\n

The development finance package covers build costs, professional fees, marketing costs and interest throughout the construction period. Boom Construction, the developer\u2019s in-house main contractor, will deliver the scheme comprising one, two and three-bedroom apartments across two neighbouring plots. The units will include air source heat pumps, photovoltaic panels and water waste heat recovery systems.<\/p>\n

Location and connectivity<\/h2>\n

The St Peter\u2019s Street site is located within walking distance of St Albans City and St Albans Abbey railway stations, with direct services to London St Pancras in under 20 minutes. The M25 and M1 motorways are accessible by car. According to Mark Quinn, director at Aldenham Residential, the scheme \u201cbrings forward homes and commercial space in a way that aligns with and complements the existing urban fabric.\u201d<\/p>\n

This marks the second scheme Aldenham Residential has financed through Paragon, following the completion of Rosecroft Close, a nine-home development in Bovingdon. The facility was arranged by senior relationship director Adrian Reeves and senior portfolio manager Lilly Sargeant at Paragon Bank.<\/p>\n<\/p>\n

Market context<\/h2>\n

The transaction comes as new build property prices face pressure in several UK regions<\/a>, though St Albans remains one of the South East\u2019s stronger residential markets. Reeves noted the developer\u2019s \u201cproven delivery record\u201d in structuring the facility to support the build through to completion.<\/p>\n

Oliver Clegg, managing director at Boom Construction, described the site as \u201ccomplex\u201d and \u201cconstrained\u201d, requiring \u201ccareful planning, coordination and quality delivery throughout.\u201d The deal was introduced to Paragon by Mike Gaffney, director of GAP Funding, who described it as \u201ca complex scheme\u201d requiring a \u201ctailored funding outcome.\u201d<\/p>\n

The development adds to the pipeline of residential units in Hertfordshire\u2019s property market, which continues to attract development finance despite broader challenges facing the UK property sector<\/a>. The scheme is scheduled for completion within the 22-month financing period.<\/p>\n","protected":false},"excerpt":{"rendered":"

Paragon Development Finance has provided a \u00a312.5m facility to SME developer BQ Properties (St Albans) Limited for a mixed-use scheme at 67-69 St Peter\u2019s Street in St Albans city centre. The 22-month facility will fund the construction of 34 residential units and three commercial units, with a projected gross development value of approximately \u00a323.5m. The […]<\/p>\n","protected":false},"author":1,"featured_media":2035,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-11196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\nSt Albans development secures \u00a312.5m finance package - Second Home<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertywire.com\/news\/uk\/st-albans-development-secures-12-5m-finance-package\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"St Albans development secures \u00a312.5m finance package - Second Home\" \/>\n<meta property=\"og:description\" content=\"Paragon Development Finance has provided a \u00a312.5m facility to SME developer BQ Properties (St Albans) Limited for a mixed-use scheme at 67-69 St Peter\u2019s Street in St Albans city centre. The 22-month facility will fund the construction of 34 residential units and three commercial units, with a projected gross development value of approximately \u00a323.5m. 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