Manchester-based property business, Hurstwood Holdings, to develop three residential schemes following £18m loan from OakNorth
OakNorth, the neobank for entrepreneurs, by entrepreneurs, has provided a £18m loan to leading privately owned and managed property investment and development company, Hurstwood Holdings.
Hurstwood’s specialist in-house team provides a full range of professional services, including asset management and development, lettings, and investment, that allows the firm to react quickly and effectively when making key decisions. Headquartered in Manchester, Hurstwood’s AUM now totals over £300m, including office, industrial, leisure, and residential properties that are home to over 1000 tenants, all over the UK .
The £18m loan from OakNorth, provided over two separate facilities, will be used to develop 75 new houses, across three separate residential schemes situated in Barnoldswick and Rossendale in Lancashire and a third in Tarporley, Cheshire. The sites all benefit from being in highly sought-after locations, with the Barnoldswick development situated near the Forest of Bowland and the major cities of Manchester and Leeds; the Rossendale scheme is in the heart of the Ribble Valley and the Tarporley site is only a short drive away from Chester and Crewe, which offer regular trains into Manchester and to Manchester Airport. The Barnoldswick scheme, known as Cotton Meadows will be delivered under the company’s Hurstwood Homes banner while the Tarporley scheme, Beeston Park, will be the first development for our high end residential company, Tabley Homes. This latest transaction follows OakNorth’s previous £5.5m transaction with Hurstwood in October 2020, which was used to develop Newchurch Meadows; a luxury residential scheme comprising 30 new homes across a 2.5-acre site in Rossendale, Lancashire.
About Hurstwood Holdings: Hurstwood Holdings is a privately owned and managed property investment and development company founded by our Chairman and CEO, Stephen Ashworth in the early 1980s.
Over the last four decades, they have grown their national commercial and residential portfolio to a current value in excess of £400 million with office, industrial, leisure and residential properties from Swindon to Inverness and home to more than 1,000 tenants.