Paragon funds Wimbledon program | Midlands
Solihull-based Paragon Development Finance has provided £ 13.1million in funding to support a hostel and residential development in Wimbledon.
Thornsett received the funding facility to build a 121-room inn on behalf of YMCA St Paul’s Group.
The installation at 200 The Broadway will replace an existing YMCA building and will also free up land for a subsequent 135-unit residential project in the borough.
The residential project will consist of a mix of studios, one, two and three beds. Construction of the project will take place in several phases, with work on the first phase for the YMCA building starting shortly and expected to be completed by summer 2023.
Phase two will take another two years.
Gerard Cunningham, of Thornsett, said: “This is an extremely exciting redevelopment which will result in a state-of-the-art YMCA building that will bring great benefits to the community, as well as 135 much-needed new homes at Wimbledon .
“We are very pleased that not only will this development provide new homes for first-time home buyers, but the hostel will provide high quality accommodation to those who need it most. St Paul’s YMCA Group has an association with Wimbledon dating back to the 1800s and we are proud to be working on a project that will expand this association.
“Paragon has been the ideal partner for this project, providing a flexible funding facility and structuring the funding to reflect the different stages of the program.”
Nigel Jackson, Relationship Manager of Paragon Development Finance, added, “This is a fantastic community project that we are delighted to support through our fundraising program.
“Thornsett is a well established developer with a solid track record of delivering successful residential projects in the UK and overseas. We look forward to further supporting the company as it progresses with the project.