specialist lender for prime residential developers, has extended the first
phase of a bespoke £1.7m financing package for the development of new
townhouses in the heart of Oxford.
The scheme, to be carried
out by Govericks Developments, will provide three new, three bedroomed high
specification townhouses. The origins of the site close to Oxford’s
famous Christ Church College
can be traced back to the English Civil War and the scheme will see an appropriate
period wall incorporated into the homes.
The scheme, which represents CapitalRise’s first project in the city, has been valued by Strutt & Parker at £2.6m completion value.
Uma Rajah, Co-founder and
CEO at CapitalRise, comments: “We’re proud of our reputation as a go-to lender
for unique developments in some of the most desirable locations in the UK. Oxford is a world-renowned
city, bursting with history and stunning architecture, and this fantastic
development project falls perfectly within our sweet spot.”
As well as a reputation
for history and architecture Oxford has a
reputation as one of the UK’s
most expensive locations with average values comparable to London. Like London,
however, the Oxford
market has softened of late with an average price fall of 3.6% in the year to
June. So, in some ways, this could be seen as a bold scheme in the current
market. However, the ultra-desirability of property in central Oxford should ensure this
scheme very much represents money in the bank for both developer and investor.