Property Loans News:- Housing developer BoKlok has gained unanimous approval from Bristol city councillors to build 173 family homes on 5.17 ha of land along Airport Road in Knowle West.
The developer, owned by Skanska and Ikea, will use modern methods of construction to build the homes off-site with the project expected to be finished by 2021.
BoKlok UK managing director Graeme Culliton said: “Throughout the evolution of this project we have partnered with the local community, Bristol city council, and the Bristol housing festival to create quality, sustainable homes at a lower price.
“We continue to work with the planning officers to ensure that the proposed cycleway is safe for pedestrians and cyclists as they travel alongside our development.”
The scheme comprises 96 flats and 77 houses, predominantly one and two-bedroomed, in two-storey and four-storey blocks with 30 per cent earmarked as affordable housing.
| Product | Max LTV | Up to 50% LTV | 50.01 – 65.00% LTV | 65.01 – 75.00% LTV | Term & Repayment | Arrangement Fee |
|---|---|---|---|---|---|---|
| Residential
Including Light Refurbishment
|
Up to 75%
Lower of PP or MV |
0.43% pm | 0.53% pm | 0.60% pm | Maximum term 24 months No minimum interest or ERCs Interest Fully Rolled Up, Part-Rolled Up or Serviced (subject to affordability) The net advance will be less total potential interest over the term with the gross loan calculated as interest for the entire term and the arrangement fee added. |
1% -1.5%
Full fee added to
the loan. |
| Semi Commercial
Including Light Refurbishment
|
Up to 75%
Lower of PP or MV |
0.6% pm | 0.6% pm | 0.6% pm | ||
| Commercial
Including Light Refurbishment
|
Up to 70%
Lower of PP or MV |
0.75% pm | ||||
| Residential
Heavy Refurbishment
|
Up to 75%
Lower of PP or MV |
0.60% pm | 0.65% pm | 0.7% pm | ||
| Commercial and Semi Commercial
Heavy Refurbishment
|
Up to 70%
Lower of PP or MV |
0.83% pm | 0.83% pm | 0.7% pm | ||
Each home will have a shed to store a bike with a total of 368 cycle storage spaces across the development and 205 car parking spaces.
New development will be screened with trees
The open space along Airport road will be landscaped with 185 trees planted and a bridge over the nearby brook. There will be three children´s play areas and a 1.19 ha fenced off spot for reptile animals. The community infrastructure liability for the development is £1,094,066.
The council entered a partnership with BoKlok last October to build new homes in the city over the next five years as part of the Bristol housing festival.
Property Loans by HZA
Brokers Hank Zarihs Associates said the development was in a prime spot and was the type of scheme where property development lenders could offer a range of finance packages.
Bristol´s population is expected to grow by 20 per cent within the next 20 years. The council has embarked on an accelerated housebuilding programme to deliver 9,175 new homes, including 1,619 affordable, by 2021.