Editor's note: This brief was summarised by The Property AI Newsroom from a report by PropertyWire. Read the original article for full details.

£950k Bridging Loan Supports £2.7m Menai Strait Development

A two-property development on Beach Road overlooking the Menai Strait in Wales has achieved a gross development value of £2.7 million after securing £950,000 in development funding from Charles Street. The homes are now being marketed at £1.4 million each.

Developer Gary Poole of Lingar Holdings (Chester) Limited purchased the site in July 2021 for £535,000, with planning permission granted for two dwellings. The project required construction directly into the rock face, with the properties designed to include garage space at ground level, bedrooms on the first floor, and living space on the second floor offering views of the Menai Strait and the suspension bridge.

Technical Construction and Funding

Initial site works included demolition, excavation, drainage installation, and raft foundations. The development loan from Charles Street was secured to cover build costs and professional fees. The construction process involved technical solutions for building into the rock face and addressing flood risk considerations in the design.

The financing arrangement reflects ongoing activity in the development funding market, where lenders are supporting projects with specific technical requirements. The completed homes are currently available on the open market.

Market Context

The transaction represents a gross development value increase of approximately 405% from the initial purchase price. The developer and lender are already collaborating on further projects. This case adds to evidence of continued activity in coastal property markets, where waterfront locations command premium pricing.