Arc & Co. has successfully advised the developer Allies Group, on the acquisition and construction finance for the Clarendon House site in central Reading. The project has planning consent for a permitted development scheme of forty-nine self-contained apartments which will form part of major works on phase 1. Planning for phases 2 and 3 are currently being submitted and this will see the scheme grow to circa one hundred residential apartments. The design will make it an exemplary addition to the fast-growing Reading town.
To assist with the purchase and development, Arc & Co. structured a facility in excess of £11 million with the opportunity for further funding when the planning consent is approved for phases 2 and 3.
Charlie Armstrong said: “Arc & Co. are delighted to have worked alongside Allies Group to structure the debt for this project and to bring forward a scheme that will no doubt be a fantastic addition to the housing stock in central Reading”.
Mario Luca Balducci, Chairman of Allies Group said: “Arc & Co. understood our business model exceptionally well and provided quick, efficient and effective solutions which were beyond typical structured finance arrangements”.