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19/01/2018

Midlands developer to expand national portfolio following £2million investment

19/01/2018

Midlands developer to expand national portfolio following £2million investment

Specialist property developer Irwell Chambers Estates has received a £1.4m from Lloyds Bank Commercial Banking and £700k investment from Frontier Development Capital – investment made to aid the firm’s ambition to create new 20-unit residential extension in the heart of Liverpool.

Midlands-based property developer, Irwell Chambers Estates has secured over £2million in investment from Frontier Development Capital (FDC) and Lloyds Bank Commercial Banking to further strengthen its national portfolio.

Irwell Chambers, situated in Liverpool’s thriving city centre, was first refurbished from its distressed state in 2011 to create a housing block of 50 apartments, offering a range of one-bed and two-bed homes. Purchased by the current owner and entrepreneur Rodger Danks, the 19th century period property then went on to have a basement conversion in 2015, bringing the apartment total to 65. 

Now with new investment package, Irwell Chambers is set to complete a new project, adding a further 20 residential homes to the roof of the existing apartment building. The two-floor extension will include two duplex penthouses spanning two storeys and all apartments will offer much needed housing within the heart of Liverpool city. The new roof development will see the total number of apartments in Irwell Chambers rise to 82 and hopes to complete within the next 12 months.

Rodger Danks, Irwell Chambers property developer, said:
“This new roof-top extension will provide Liverpool with further affordable, high-quality residential apartments. We have already undertaken several property development projects around the UK and with this new investment from FDC and Lloyds Bank we can prepare for the next exciting chapter of Irwell Chambers and the Liverpool region. Since the basement renovation in 2015, Irwell Chambers has delivered a strong financial performance and we are committed to increase housing for the Northwest and in particular Liverpool”.

The project is being overseen by owner Rodger Danks, who has over 30 years’ experience within the property investor and developer industry utilising his expertise to create an extensive property portfolio, and project manager Richard Bayley, who has built up experience covering commercial, industrial and residential projects.

Gerald Gannaway, Investment Director Frontier Development Capital, said:
“This is another exciting opportunity for Frontier Development Capital to be part of a property development that will further propel the region’s economy and increase housing. Irwell Chambers’ development team have a strong, proven track record to date and therefore we are looking forward to the next 12 months as the project develops”.

Vaughan Hobbs, Relationship Director for Midlands SME Real Estate at Lloyds Bank Commercial Banking, said: 
“We’ve been working with Irwell Chambers for the past four years and the funding support we’ve provided this year marks another step in our partnership. It’s great to see the business continuing to deliver against its ongoing growth strategy and boosting affordable housing options in the North West.”