Property development company, Hurst & Hurst Estates, has partnered with Barwood Capital and Close Brothers Property Finance to secure a development opportunity within the New Forest National Park with a GDV of £13.5million.
The development will see 46 energy-efficient homes built on a six-acre site, of which 50% will be provided as affordable housing, delivering much-needed housing in a rural location.
The homes will all be built to a high specification and the development allows for a substantial amount of recreational green space which many of the homes will overlook. Biodiversity will be further enhanced by native planting, bat and bird boxes and hibernacula including log piles. In addition, the new homes will incorporate a range of energy-efficient measures including air source heat pumps, EV charging points and wastewater heat recovery. The development meets the required government target of 10% biodiversity net gain and elements of the design, such as the quantity of open space, exceed the mandatory requirement.
So far, all roads and mains drainage have been completed and the S278 works are agreed. Foundation works are complete on nearly all plots with superstructure works underway. The first homes are expected to be ready in Q2/3 2025, while marketing will formally commence in spring 2025.
Barwood Capital will provide all the equity for the project, while Close Brothers is providing the senior debt.
Hector Hurst, founder and managing director at Hurst & Hurst Estates, said: “We’re very excited to be progressing at speed through the build phase of this landmark site, partnered once more with Barwood. Being the most substantial development allowed in this area of the New Forest in many years, we’re thrilled to be able to showcase our quality on such a prestigious stage.”
Steve Chambers, head of residential at Barwood, said: “We are delighted to have invested in this unique project and been able to support Hurst & Hurst on our second project together. Hurst & Hurst is an outstanding SME housebuilder and this relationship, and a project of this nature typifies those that Barwood seeks to invest in through our UK Residential Investment Platform.”
Paul Radley, senior business development manager at Close Brothers Property Finance, said: “We’re thrilled to be supporting this exciting new project in the New Forest, alongside these trusted and experienced housebuilders. The vision and expertise of both Barwood and Hurst & Hurst make them ideal partners, and our support of this development demonstrates our commitment to backing high-quality developments for trusted housebuilders.”
