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

Close Brothers Finances Final Phase of £120m Kingsbury Park Scheme

Close Brothers Property Finance has provided development finance for the fourth and final phase of Kingsbury Park, a £120 million gross development value (GDV) residential scheme in Lutterworth, Leicestershire. The project, developed by Mulberry Homes, has delivered 288 homes across four phases between 2018 and 2026.

Kingsbury Park is the largest single development funded by Close Brothers Property Finance and marks the most substantial project in Mulberry Homes’ 15-year history. The completion of this scheme brings the total number of homes financed by Close Brothers for Mulberry Homes to over 1,000 units, spanning 23 developments over a 12-year partnership.

The eight-year build period for Kingsbury Park coincided with significant market disruptions, including Brexit, the Covid-19 pandemic, and economic turbulence following Russia’s invasion of Ukraine. Mulberry Homes faced operational challenges such as maintaining a consistent subcontractor base throughout the extended timeline. The phased approach to the development allowed for the delivery of infrastructure and open spaces alongside residential units.

The completion of Kingsbury Park comes at a time when millions of UK households are facing higher mortgage costs, and the government is under scrutiny regarding housing delivery targets and planning reforms. The scheme highlights ongoing support from specialist lenders for SME housebuilders on long-term projects, despite market volatility. Close Brothers Property Finance has stated its continued commitment to supporting established SME housebuilders in delivering new homes across the UK.