Leading London and Home Counties developer Weston Homes has been provided with a £100 million amendment and extension to its existing funding facility (up to 2018) by HSBC and Lloyds. This accordion agreement will aid the growth of Weston Homes and enable the company to undertake up to £1 billion (Gross Development Value) of new residential and mixed use development over the next 4-5 years.
Weston Homes highlights that the quality of company's banking covenants provides the business with significant stability and financial stature and will enable the company to take advantage of new development opportunities that are planned to effectively double the size of the business over the next 4-5 years.
Bob Weston, Chairman & Managing Director of Weston Homes said: "This extended banking facility further strengthens our business and places us in an excellent position to take advantage of the current buoyancy of the London and South East housing markets and new development opportunities."
Bob Weston adds: "The housing market is cyclical and currently London and the Home Counties are enjoying a good recovery and upward turn. This is demonstrated by the strong pick up we have witnessed in both the volume and speed of sales that the business enjoys. This banking facility enables us to capitalise on this market."
Established in 1987 and lead by Chairman & Managing Director Bob Weston, Weston Homes currently has a £115+ million turnover and circa 450 sales completions per annum. The company has an average sales price of £250,000 and undertakes new build, conversion and mixed-use projects on brownfield-land sites in inner London and the Home Counties.
The company's product price range of £130,000 up to £3+ million reflects its ability to deliver the complete spectrum of new homes ranging from starter and family homes up to luxury executive houses and trophy properties such as penthouses and bespoke residences.
The company highlights that the resurgence in the South East property market is clearly demonstrated by the success of its flagship London development Stratford Riverside, which is now 70% forward sold, despite not being scheduled for build completion until 2016. The £60 million (GDV) development consists of an iconic 27 storey residential tower providing 202 one, two and three apartments, duplexes and penthouses tailored to a luxurious specification, complete with double-height hotel style foyer with concierge; café/bar; resident's only gymnasium and 7th floor roof garden.
The company's other current projects include Aura in Edgware, which will provide 189 1 to 3 bedroom apartments and 4 and 5 bedroom houses set around a landscaped communal garden complete with basement car parking.
Weston Homes is focused on selling high quality homes to end user or individual investor purchasers with a commitment to provide the very best value for money, interiors and specification within its class, regardless of whether it's a first time buyer flat or executive house.
Each development undertaken is carefully chosen and designed to provide easy access to local shops, leisure and transport amenities. All the locations provide good connections into central London and include Thameside and inner London sites, suburban projects and residential addresses near commuter hubs, market towns or villages. For further information Weston Homes Tel 01279 873 300 or visit www.weston-homes.com.