Levelling Up Home Building Fund: Esquire Developments Ltd
A development loan from Homes England helped Esquire to bring forward a sustainable development in the early stages of COVID-19.
First established in 2011, Esquire is now an award-winning SME developer that delivers around 120 homes a year in Kent and the South East.
They have a passion to deliver beautiful and bespoke homes that are not only functional, but sustainable and able to stand the test of time. Esquire is currently achieving up to 50% carbon reduction in its homes against current building standards. Some of the ways it achieves this include:
- An electric-only approach, which results in a substantial reduction in harmful emissions from natural gas
- Materials and supply chains are sourced locally, which supports other local small businesses
- Taking a holistic approach to low-level density builds, meaning less homes and more grassed/biodiversity areas and native planting for wildlife.
As an experienced developer that has previously utilised private sector development funding, Esquire engaged their normal contacts but was unable to secure finance on its Millers Field scheme, due to complexities in the finance structure. The timing didn’t help; Esquire was seeking finance during the early stages of COVID-19, when lenders were temporarily withdrawing from the market.
However, Homes England was able to structure a c£2.8m development finance facility to fully fund the scheme, which will provide nine three, four and five-bedroom detached family homes in the priority area of Loose, Kent, conveniently located close to the town and countryside.
The scheme is a secluded development in keeping with the local area. The homes will benefit from practical and well-thought-out living spaces, large green/biodiversity areas for both residents and local wildlife and views of the Kent countryside.
Millers Field is currently in the early stages of construction, with Esquire maintaining good momentum in the current climate of material price increases, supply and labour shortages. Homes are currently being marketed for sale off-plan and are being well received by the local market, with one plot already reserved.
Upon completion of contracts on Millers Field, the Esquire team approached us to fund another development; Hill Farm, in Sittingbourne, Kent. This £8.3m scheme is close to completion of legal due diligence, with construction well underway to provide 30 family homes for the open market, an overflow parking area and housing for key workers who support the Demelza Children’s Hospice, which is located across the road from the site.
David Braddon, Director of Esquire Developments, said:
We’re excited to be delivering this development in partnership with Homes England. This is the first scheme we have secured with Homes England, with our second scheme shortly to complete.
We are confident this is one of many successful projects in the South East that we will work in conjunction with Homes England on, and we are grateful for their support in our mission to deliver high quality homes. We worked closely with the Homes England team throughout the process, helping us get on site in an efficient time frame.