Arundel housing development gets £30 million cash injection

Arundel Gate Finance secured the funding from Paragon Bank, including a £12 million revolving loan facility, to assist in the development of 90 residential homes in Arundel.

Kent-based developer Esquire Developments has been appointed as development partner on the Arundel Gate scheme, which is a mix of 63 two, three, four and five-bedroom houses for private sale.

The scheme will also consist of one-bed maisonettes, plus two and three-bed houses for affordable housing.

The development, located off Ford Road in the castle town, will be all-electric, resulting in a development that is carbon efficient, offering over a 50 per cent reduction in carbon emissions through air source heat pumps and a fabric-first approach to the homes themselves.

The development will be constructed on land owned by the Norfolk Estate.

Sales will launch at the end of 2023, with information to appear on Esquire Development's website in due course.

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Henry Arundel of the Norfolk Estate said: “We are delighted to be partnering with Esquire Developments and Paragon to bring forward this legacy scheme in Arundel where there is a strong need for quality new homes. The houses have been designed with sustainability in mind whilst also reflecting the traditional character of the local area. Twenty of the 27 affordable units will be delivered at social rents in conjunction with the newly-formed Arundel Community Land Trust, whose involvement we greatly appreciate.”

Paul Henry, Managing Director Esquire Developments, said: “After high demand and success in Kent through both our large and small developments, we are excited to bring new homes and set new standards to such a highly regarded community.

“We are already receiving enquiries about Arundel Gate which is an encouraging start as we begin to prepare for the launch of this highly anticipated development.”

Toby Burgess, Paragon development finance relationship director, said: “We are excited to welcome our new client Arundel Gate Finance and its development partner Esquire Developments, which has built a fantastic reputation in the industry. This scheme will deliver a selection of low-density family homes, attractive outside space and amenities, as well as much-needed affordable accommodation.”