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Foxley to bring iconic St Albans buildings back to life after  securing £8.5 million funding

  • 19th century Grade II-listed building to be converted into three new homes, with 10 new build mews houses
  • 103-105 St Peters Street located in the heart of St Albans
  • Paragon led finance facility with mezzanine debt provided by Apollo Capital. Deal introduced and advised by Arc & Co.

Foxley Group has secured an £8.5 million structured finance facility from Paragon Development Finance and Apollo Capital to support the acquisition and redevelopment of an iconic Grade II-listed former office in the centre of St Albans. The deal was introduced and advised by Arc & Co.

Foxley has acquired 103-105 St Peters Street and will develop 10 new build houses on a car park at the rear of the property and convert the buildings into three additional homes. The 19th century buildings were occupied by a local accountancy firm for three decades but have been empty since 2014.

Paragon led the funding with a £7.8 million senior finance facility and Apollo Capital backed the deal through mezzanine funding to provide additional support for the site purchase and associated Development Agreement. Relationship Director Adrian Reeves led the deal on behalf of Paragon Development Finance, working alongside Lee Cory, Director of Apollo Capital, whilst Arc & Co. was represented by Asset Finance Advisor Julian King.

Foxley will convert 103 - which was built by George Smith, architect of the St Albans Town Hall, in 1829 - into a four storey, five-bed house measuring 5,700 sq ft and 105 will be converted into a pair of two storey homes. One will have four bedrooms and will measure 2,549 sq ft, while the other will have three bedrooms and measure 1,706 sq ft. The 10 three storey mews houses at the rear of the building will have allocated parking and will each measure between 1,348-1,466 sq ft.

Kevin Gregory, Managing Director at Foxley Group, said: “We are excited to restore this beautiful building back to its former glory and provide new homes in the centre of this vibrant cathedral city. We have been interested in 103-105 St Peters Street for a while; it has huge potential and I am sure will be popular with purchasers who want the benefit of a desirable location that’s within commutable distance to London. “Working with Paragon, Apollo Capital and Arc & Co. made the whole process seamless. They are all supportive organisations that fully understand the property development market and the needs of their customers.”

Adrian Reeves said: “This redevelopment will result in spectacular homes in the heart of St Albans, one of the most desirable places to live in the UK, bringing two striking buildings back to life. Foxley is a company we enjoy a strong relationship with and we’re pleased to have been able to support them on this latest development.”

Lee Cory, Partner Apollo Capital, added: “This redevelopment will reposition an incredible property in a strong local market. This is our second project with Foxley, Paragon and Arc & Co., which all have a reputation for investing and developing high quality products. The size and scope of this facility aligns with our appetite for funding new modern developments in key cities that are growing economically.”

Julian King said: “We are proud to have been pivotal in working with Foxley Group, advising on their corporate debt strategy and arranging bespoke funding solutions in the purchase of this flagship scheme in the centre of St Albans. Both Paragon and Apollo Capital were a pleasure to work with and we are all excited to be supporting Foxley Group in developing this iconic building, that will enhance the local community for generations to come.”

For further information contact:

Michael Clarke
Head of Media Relations
Tel: 07740090746

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