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Harbright secures £10m funding from Paragon Bank for Hounslow first-time buyer scheme 

Boutique developer Harbright has secured a £10m funding package from Paragon Bank for the redevelopment of a former office building into homes in Hounslow, West London. 

The funding is supporting the conversion of Whitelocke House in the heart of Hounslow town centre into a high specification development comprising 28 one bedroom and six studio apartments, under permitted development rights. The 0.43 acre site was acquired by Harbright in 2019 and has a total GDV of £24m. 

The scheme is next to the borough’s new Civic Centre and close to Hounslow Central underground and overground stations and retail centre, currently undergoing a multi-million pound transformation. Prices will start from £260,000. 

Hounslow is one of the Mayor of London’s Housing Zones, with 3,900 homes being built by 2024, because of its strategic location and excellent transport links. 

Jacques Bingham, director of Harbright, said: “The team at Paragon were professional, knowledgeable and very understanding of the difficult circumstances we were all working through under Covid-19.  They were quick to grasp that, despite these conditions, Whitelocke House will be a high quality build, at an attractive price point for both first time buyers and investors. Hounslow is a desirable, up and coming location and close to excellent transport links.”   

Adrian Reeves, Relationship Director at Paragon, said: “It’s great to support an existing client to provide homes at this price level in Hounslow. This deal further strengthens our relationship with the client as we continue to support them throughout this challenging time in the market.”  

The redevelopment of Whitelocke House sees Harbright drive towards expanding beyond prime central London. The privately owned company has more than 25 years of multidisciplinary experience in property and specialises in creating beautifully designed, well constructed buildings that give excellent returns for investors.  

Harbright director Jacques Bingham added: “We believe there is huge potential in zone 4 and beyond the outer London area, close to excellent transport links. Our approach is to apply the design principles, high specification and detail of our prime central London projects to create high quality new homes in areas where there is growth value for both owner occupiers and investors.” 

For further information contact:

Amy Lange
Media Relations Manager
Paragon Bank
Tel: 0121 712 2526

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