Close Brothers Property Finance has agreed a £20 million revolving credit facility (RCF) with "planet positive" housebuilder, gs8, to finance the delivery of 52 new homes in Radlett, Hertfordshire. The development finance deal supports a scheme with a gross development value of £47 million.
The RCF marks the first transaction between Close Brothers Property Finance and gs8. It unlocks a four-acre site that had stalled following the administration of its previous owner, with gs8 acquiring the site out of receivership.
The development, known as Medburn Yard, will comprise 38 private and 14 affordable homes ranging from one to four bedrooms, including the conversion of a Grade II listed barn. Residents will have access to a fitness centre, a DIY and reuse centre, a concierge and parcel room, and a seasonal pond with outdoor seating.
The homes also come with a zero energy bills guarantee in partnership with Octopus Energy, valid for a minimum of 10 years.
The scheme reflects a wider shift in how developers are structuring buyer appeal:
- A zero energy bills guarantee for at least 10 years
- Exclusive access to an electric car and bike club, reflecting demand for access over ownership
- Amenities including a concierge service and communal outdoor space
Set to launch in late summer, Medburn Yard has already attracted more than 200 buyer enquiries ahead of its official release, reflecting demand for a premium new-build home in one of Hertfordshire's most sought-after villages.
"gs8 is setting a new benchmark for sustainable housebuilding in the UK, with sustainability built into every stage of the decision-making process," said Phil Hooper, chief executive of Close Brothers Property Finance.
"It is a smart, future-proofed approach, and one that is proving exceptionally popular with buyers in what remains a challenging sales market. We are proud to be supporting ambitious businesses like gs8 and funding schemes that are raising the bar for what new housing in this country can deliver."
"Medburn Yard is genuinely a unique scheme which Radlett can be proud of, and one that demonstrates what is possible when beautiful design, heritage and sustainability are treated as a single brief rather than competing priorities," said Josh Gordon, co-founder of gs8.
"Close Brothers understood that vision from the outset, and their expertise has been invaluable in bringing the scheme forward at pace."
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