Real estate company Yellow Brick Estates have exceeded the sales milestones required to repay the Development Exit loans on their two flagship Whetstone developments.
The repayment of the loans, provided by specialist lender United Trust Bank (UTB), mark another successful partnership with the bank and highlights the sales success at both Whetstone Square and Whetstone Gardens with 37 units now sold and only 19 remaining across both sites.
The Development Exit Finance loans provided by United Trust Bank for Whetstone Square was £23.5 million and at Whetstone Gardens £5.2 million. Whetstone Square comprised of a total of 46 one-and two-bedroom apartments and 10 four-bedroom townhouses. Whetstone Gardens provides eight newly constructed freehold houses. Each home offers four bedrooms, open plan living spaces, a garage, and a private garden.
Purchasers at both developments have been drawn to the location, which is within walking distance of shops, restaurants, and outstanding schools, as well as the high-quality finishes and design on offer. The development is a short walk from Totteridge & Whetstone underground station (Northern Line) offering an easy commute into Central London and The City. This alongside the village like feel of Whetstone has contributed to the scheme’s success, as London based professionals predict that flexible working will continue for the foreseeable future.
Demand for property in Whetstone has grown massively with agents revealing that prices have increased by 25% in just five years with over 1,200 transactions in the N20 postcode over the same period. The data released from agents highlights the area’s growing desirability as more young professionals move to the area attracted by value for money, transport links and schools. The pandemic also encouraged many central based Londoners to move further out to luxury suburbs such as Whetstone.
Tobias Chang Pico, CEO of Yellow Brick Estates commented: “Yellow Brick Estates are pleased to announce the repayment of both the loans at Whetstone Square and Whetstone Gardens. This milestone highlights the sales success at both the developments which is testament to their desirable offering including location, finishes and pricing. It has been a pleasure working once again with Ed Weekes and the UTB team and we look forward to more successful partnerships with UTB in the future.”
Edward Weekes, Manager – Property Development, United Trust Bank commented: “UTB was delighted to support the delivery of these fantastic homes by Yellow Brick Estates which have proven to be extremely sought after by owner occupier and investor buyers. Although the pandemic created additional challenges during construction, Tobias and his team demonstrated the highest levels of professionalism and commitment to creating an exceptional product and keeping the project on track. I would certainly welcome the opportunity for UTB to support future Yellow Brick Estates schemes.”
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