Henry Davidson Developments - Mixed-Use Development - Sittingbourne, Norwich and Peterborough, Henry Davidson Developments Secures £40m Funding

Date: 14 Dec 2006

Specialist mixed-use developer Henry Davidson Developments has secured financing from Egan Lawson's Albemarle syndicates to undertake six new projects with a total development value of £40m.

The projects are all local/neighbourhood centres, containing everything from homes to doctor's surgeries, day nurseries, retail space and public houses. Sites have already been purchased in Sittingbourne, Norwich and Peterborough.

The local centre at Sittingbourne is approximately 3.5 acres and forms part of a development consisting of a 74-acre mixed-use community including 800 new homes and 18 acres of public open space. At 3 acres, the Peterborough project will provide 13 units of retail space, and 38 apartments.

In Norwich, Henry Davidson is building a neighbourhood centre that will serve up to 1,800 new homes, being constructed by major house builders.

In addition to these, HDD already has further sites in Leicestershire, Nottinghamshire and Buckinghamshire lined up with a pre sell to the Egan Lawson Albemarle Syndicate.

The purchases were financed by Albemarle 5 LLP, a syndicate set up as a limited liability partnership by Egan Lawson, a part of the Erinaceous Group.

Building work will begin in February 2007, as major house builders build new homes on the various sites. Significant tenant demand has been received on all the projects.

Scott Davidson, managing director of HDD said: "This latest deal is the continuation of an ongoing relationship with the Albemarle syndicate. It invested in a traunch of five deals back in 2003 with a value of approximately £20 million and a £6.6 million mixed use scheme in Worksop last year. We have a strong portfolio of investors with whom we are working on a number of neighbourhood schemes across the UK.

"This is expanding as the Henry Davidson brand becomes better known and as our own portfolio of developments increases. The past year has seen an unprecedented volume of enquiries and we are expecting to complete deals on £39 million worth of schemes due for completion over the next two years."

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