Property development partnership, Park Properties, has agreed the sale of the final apartment at Bridge House, the award-winning residential development in the desirable area of Clifton, Bristol. Investec Private Bank's Structured Property Finance division ('Investec') provided the developer with a mixture of senior and mezzanine finance to the value of over £9.4 mln. (approx. 12.6 mln.)
The sale of the scheme will achieve in excess of £12.8 mln. (approx. 17.1 mln.), with completion scheduled for end of October this year.
Bridge House is a residential development of 18 executive two and three bedroom apartments, and boasts Bristol's most expensive apartment, the largest of the scheme's three penthouses, which has achieved a price in excess of £1.6m (£932 per ft²) (approx. 115 m²). The scheme has also been crowned winner of the Daily Mail Property Award in the 'Best Development in the UK over six units' category.
Ian Burdett of Investec Private Bank's Structured Property Finance division commented: "We are delighted to be involved in this project. The deal demonstrates the bank's commitment to providing senior debt coupled with mezzanine facilities to experienced developers. Bridge House has been finished to an excellent standard, and is a credit to the developers."
Source: Citigate Dewe Rogerson