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Paragon provides £25.5m funding to back Watford Riverwell development

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  • 18/06/2021
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Paragon provides £25.5m funding to back Watford Riverwell development
Paragon Development Finance has supplied a total gross facility of £25.5m for Watford Riverwell to back the acquisition of 60 acres of land.

 

The land will be used to develop 85 new homes as part of the Waterford Riverwell scheme, which is a regeneration project in Watford.

Phase one of the scheme will consist of 62 private houses and 23 affordable homes. The development will have a gross development value in excess of £35m.

Overall, the project will take between 15 and 20 years to complete with around 1,000 new homes expected. This will also include a retirement village, primary school, and retail, commercial and industrial space.

Paragon Development Finance’s relationship director Simon Dekker said: “We’re pleased to be working with Kier Property and Watford Borough Council to be part of such an impressive development that will result in a significant amount of new homes and help transform an area in a sustainable manner and with a long-term view.”

Kier Property’s managing director of regeneration Andrew Storey said: “This is an ambitious and impressive development that will regenerate the area from predominantly brownfield land, bringing new homes and facilities and broader economic benefits.

“Paragon has been a key partner, understanding our requirements completely and showing the expertise needed to progress the funding efficiently and within a tight timeframe.”

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