Housing Growth Partnership and Oakwood Group create joint venture to deliver 49 family homes in Northwich
The Housing Growth Partnership (‘HGP’) and Oakwood Group Limited (‘Oakwood’) are pleased to announce the creation of a joint venture to develop 49 new homes in Northwich, Cheshire. The project will be the first collaboration between HGP and Oakwood and will see the delivery of 35 open market semi detached and detached family homes and 14 affordable units bringing much needed housing to the area.
To date Oakwood have funded their own developments but recognising their ambitions to grow they have partnered with HGP on this site to free up equity in the business to deploy into other sites in their pipeline. Northwich will constitute the largest Oakwood site to date having previously completed smaller developments in St Helens, Halsall, Atherton and Ormskirk. United Trust Bank will provide a £7.7m debt facility as part of the funding package.
The 1.2 hectare brownfield site has been undeveloped land since the late 1800s and was an overgrown wasteland and eyesore in the local area prior to development commencing. The project will create an attractive development with a pleasant street aimed at a broad range of potential purchasers including first time buyers to young families.
John McKeon of HGP commented ‘We are very pleased to be working with Jonathon and the team at Oakwood. They are an ambitious company with a strong track record in the delivery of a high quality product and their ambitions to grow the business align well with the HGP ethos and funding model. The Northwich site is a great starting point for the relationship, and we look forward to bringing forward more sites with Oakwood in the future.’
Jonathon Ball, MD of Oakwood commented, we are very pleased to have completed this deal with Housing Growth Partnership. We have been self-funding our projects for several years, but with our plans to expand into taking on multiple larger projects it become clear that investment was required to grow sustainably. In HGP we have found a great funding partner that understands our vision and goals, and rather than just being interested in return on investment they are supportive in our ambitions and long-term aspirations for our company.
Oakwood Group is based in Aintree, Merseyside, and was established in 2014 by MD Jonathon Ball. The business was a finalist in the 2020 Housebuilder Awards and the 2021 & 2022 Northern Housing Awards.