Manchester-based property business Hurstwood Holdings to develop three residential schemes in Lancashire and Cheshire following £18m loan from OakNorth

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Development company Hurstwood Holdings has received an £18m. loan to develop 75 new homes, including some in Barnoldswick.

The £18m. loan from OakNorth, provided over two separate facilities, will be used to develop 75 new houses, across three separate residential schemes situated in Barnoldswick and Rossendale, and a third in Tarporley, Cheshire.

The Barnoldswick scheme, known as Cotton Meadows will be delivered under the company’s Hurstwood Homes banner while the Tarporley scheme, Beeston Park, will be the first development for high-end residential company, Tabley Homes. This latest transaction follows OakNorth’s previous £5.5m. transaction with Hurstwood in October 2020, which was used to develop Newchurch Meadows, a luxury residential scheme comprising 30 new homes across a 2.5-acre site in Rossendale.

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Cotton Meadows in BarnoldswickCotton Meadows in Barnoldswick
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Sam Ashworth, project director of Hurstwood Holdings, said: “Having now worked closely with OakNorth on previous transactions, we knew Chris and his team would be the ideal funding partner, given their expert knowledge of the region’s residential property market and their ability to create a truly bespoke funding package.”

Chris Swarbrick, senior director of Property Finance at OakNorth, added: “The transaction represented another perfect opportunity for OakNorth to support a high-quality repeat customer. Hurstwood is a long-established and well-respected property investor and developer both in the North West and nationally, with its management team boasting over 30 years of experience in the market.

“The schemes in Barnoldswick and Tarporley are set to meet the diverse needs of modern living, whether it be for young professionals looking to step onto the housing ladder or for growing families in need of more space.”