- Funds advised by Hilltop Credit Partners Limited (“Hilltop”) have provided a development finance facility of £11.2m to Ascena Developments
- The funds will be used to refinance existing loans and to redevelop the Bishop’s Court hotel into 15 houses and 5 flats overlooking Torbay
- The South West has experienced the UK’s highest monthly house price increases amid the Covid-related paradigm shift in the residential market
- To date Hilltop has provided approximately £71.2m in lending commitments to SME developers to fund the construction of 296 residential units across England
London, 1 April 2021: Funds advised by Hilltop Credit Partners, a specialist funding partner for SME residential developers, have completed an £11.2m loan to Ascena Developments for the redevelopment of the historic, Grade II listed Bishop’s Court hotel in Torquay, Devon.
The project will deliver 15 high-specification houses and 5 flats within a gated community, overlooking Torbay from the Warberries - one of the most desirable residential areas in the English Riviera. The original hotel mansion is to be converted into 5 flats, retaining most of its original Victorian features and set at the centre of the development, with 14 houses and a cottage built upon the original eastern and western flanks.
With the post-Covid shift in homebuyer focus to more provincial areas, the prime residential market outside of London has seen exceptional performance over the past few quarters. The latest figures from Halifax suggest average prices have risen by as much as 17 percent year-on-year, whilst research by one of the leading estate agents in the South West reveals that the Torbay area in particular has experienced one of its strongest annual price jumps in history.
Torbay Council has recently launched a series of regeneration schemes, including significant enhancements to the connectivity of the town centre and links to the proposed new railway station near Torbay Hospital. Significant investments into the marina and surrounding leisure/retail facilities are ongoing, increasing the allure to buyers from London, the West Midlands and the Bristol-Gloucester corridor.
The project sponsor team comprises a successful national property investor and entrepreneur plus an experienced local developer with over 40 years’ regional construction experience and a large network of local authority contacts.
Commenting on the partnership, Alan Rees of Ascena Developments said:
“Hilltop’s enthusiasm for the development matches our own - an elegant building in a picturesque location is the perfect opportunity for current market dynamics. We expect a very successful project.”
Tiger Craft, Chief Investment Officer of Hilltop Credit Partners, added:
“This is a high-end development with large unit sizes and a charming, in-demand location. Coupling this with local market data and the post-Covid shift in purchasing attitudes, I have no doubt there will be significant demand.”
Notes to the editors
About Hilltop Credit Partners
Hilltop Credit Partners is a London-based specialist end-to-end funding partner for experienced residential property developers across the UK. With a proven track record in property development, asset management and financial structuring, Hilltop Credit Partners provides a one-stop funding solution for up to 90% loan-to-cost, with loans ranging from £5 million to £50 million.
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