Russells switches to Co-op after Anglesey project
Russell Homes has finished 12 residential units at its beachfront development in Rhosneigr, North Wales, with all but two sold prior to completion.
Russell Homes, the residential arm of Trafford-based Russells Construction, received funding of £1.8m from the Co-operative Bank to start the development in summer 2011. Following the success of this initial relationship, the group has now moved all of its banking facilities to the Manchester-based lender.
Andrew Russell, managing director of Russells, said: "The Waterfront was one of the few residential developments to secure funding at a time when very little was going forward. In order to commence construction we spoke to a number of lenders and found the Co-operative to be the most supportive and were prepared to lend when others were not. The attitude of the team at Co-op was to 'make things happen' where others were more preoccupied with finding reasons not to help. I'm pleased we were able to repay the lender's invaluable support by selling almost the entire development off plan, before construction was complete."
Five off-plan sales were secured prior to commencement of the build which was helped securing funding.
Andy Teall, property finance manager at the Co-operative Bank, added: "Russells came to us with a good proposition, a quality product, and a sensible loan-to-cost funding application. Our support for the scheme came down to the combination of the experience and expertise of Russells, and the strong pre-sales. We're pleased to have been able to support the development and delighted to see the sales success has continued. This is another example of how the bank continues to support good business proposals despite the difficult economic environment."
Designed by Reid Architects, properties at the Waterfront have views over the Bay of Rhosneigr. Priced between £385,000 and £450,000, each of the nine apartments has off-street parking and direct access to the beach via a private slip road. There remains one 1,520 sq ft, three-storey townhouse and one 1,313 sq ft apartment available for sale.