Supporting British businesses
Burney Essex Ltd was supported by Paragon’s Development Finance team when transforming a former car sales business and office into 19 contemporary apartments in the popular area of Romford.
Brick House is a development of 19 one and two-bedroom apartments, located on Farringdon Avenue in Romford and just 35 minutes from central London by train, the location was ideal for Burney Essex Ltd to reach out to the first-time buyer and investor markets.
Daren Burney, Managing Director of Burney Essex Ltd, said:
“We transformed the former car sales business and office to offer a luxury series of modern apartments, particularly well-suited for first time buyers due to the availability of the Help to Buy scheme.”
“Paragon began work swiftly with Burney Essex Ltd to ensure that no time was wasted getting the scheme off the ground.”
The project was made much easier by Paragon’s great Relationship Manager, who thoroughly understood our needs
How Paragon helped
Paragon arranged a facility of over £3.5 million against a GDV of £5.6 million to support the development of the flats. The funding drew down in September 2018 and due to early reservations, the loan was able to be fully repaid by February 2020.
Daren added:
“The project was made much easier by Paragon’s great Relationship Manager, who thoroughly understood our needs as developers and was able to provide excellent support throughout all stages of the development as it progressed. Paragon is a trusted partner.”
Each apartment is designed and built with first-class materials and comes with allocated parking, communal bike storage and a secure entry system.
Burney Essex Ltd forms part of the Burney Property Group of Companies, founded in 1997 by Daren Burney and has built a significant portfolio of both residential and commercial properties across the UK. Daren has 34 years of real estate experience as an Investment and Developer Principal.