Comer Homes Benefits from Investec Facility
Residential and commercial developer Comer Homes has received a £45 million facility from Investec Structured Property Finance for the development of the landmark Royal Winchester House in the Berkshire town of Bracknell. Due for completion in 2020, the building is being turned into 311 studios, one, two and three bedroom flats for rent.
“The Comer Group has been delighted to again benefit from the support and expertise of the Investec team. We look forward to bringing this prestigious development to fruition with their continued support,” said Brian Comer, chairman of Comer Group. “This project, designed by an internationally renowned team, exemplifies the future aspirations of Bracknell as the jewel of the Thames Valley which the Comer Group is proud to be a part of.”
The new development is located opposite The Lexicon, a recently opened retail and leisure centrepiece, part of Bracknell’s £750 million regeneration scheme. This loan is the second facility provided by Investec to Comer homes, following the investment in 168 apartments in Harrow, sold to a PRS operator in 2015.
“The Structured Property Finance team of Investec has again provided flexible and intuitive engagement which we have found to greatly benefit our funded construction model within the changing construction & housing environment,” said Robert Sheppard, head of portfolio at Comer Group.
“We have been able to adjust procurement and management modelling parameters in order to optimise performance during the construction phase. The ability of our finance partners to allow us to innovate and to understand our objectives, whilst still adhering to their own remit, has greatly assisted in keeping our construction model lean and focused,” he continued.
Bracknell is a popular commuter town, with Waterloo accessible in 60 minutes, sitting at the centre of the M3/M4 employment corridor which is home to a number of leading IT and technology businesses.