Stonehaven secures £4.3m Paragon Bank finance for Bournemouth redevelopment

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  • Finance: £4.3 million
  • Location: Meyrick Park, Bournemouth
  • Units: 10 apartments, two semi-detached homes  
  • Paragon Deal Team: Relationship Director Adrian Reeves and Portfolio Manager Jess Pilkington

Stonehaven have 20-years’ experience in developing residential properties in Southwest England. One of their latest developments will see the conversion of a HMO into 10 flats and two semi-detached homes in the Meyrick Park region of Bournemouth, Dorest.

Paragon has supported the scheme with £4.3 million finance package. Further equity for the development was provided by Blazehill Capital Finance.

Situated close to the centre of the town, the funding will see the renovation and conversion of a former house of multiple occupancy with the new 3 bedroom semi-detached properties to be added on the existing site. 

The redevelopment of the site is due to commence in mid-2023 and expected to be completed in 2024.

Senior funding for the development was led on behalf of the bank by Relationship Director Adrian Reeves, with support from Portfolio Manager Jess Pilkington.

“Our new development is set to provide the ideal opportunity for those looking to enjoy the benefits that Meyrick Park has to offer. Ideally located for the town centre and seafront, new residents will soon be able to enjoy these superb properties.

“Paragon has been the ideal funding partner for this development. Adrian and the team understood our vision for the site and ensured that we were able to proceed.”

Steve Beales, Stonehaven Holdings.

“I am delighted that Paragon is assisting Stonehaven in bringing new properties to the market in a much sought-after location. With work soon set to commence, I look forward to following its progress in the months ahead.”

Adrian Reeves, Paragon Bank Relationship Manager

Find out more about how we can support your business on our Development Finance page.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551