Financial group completes largest ever business day with GDP of £98 million
The Brightstar Group has completed its largest ever business deal after securing a £69 million loan to fund the development of a luxury 291-unit mixed use scheme in Poole, on the south coast of England.
The West Quay Marina development project (pictured), with a Gross Development Value (GDP) of £98 million, was funded with Octopus Real Estate, which is part of the Octopus Group, and will include 291 high-end apartments, a fine dining restaurant, commercial and retail space, car parking and a quayside walkway.
The project represents the highest, total value deal for the Brightstar Group, having secured almost £75 million worth of finance for clients of Brightstar Financial and Sirius Property Finance.
The green housing scheme, designed by Calderpeel Architects, will transform the waterside alongside Poole’s Twin Sails Bridge, which had in recent years become a derelict site and a target for vandals.
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The project, which will boost the local job market and supply chains, also boasted the backing of Sunseeker CEO, Robert Braithwaite, who was on the Borough of Poole’s (BOP’s) planning committee.
The waterfront project will incorporate two- and three-bedroom apartments split across five adjacent blocks of between five- and 10-storeys high. The development will also house almost 8,000 square feet of commercial space, bike spaces and a communal landscaped courtyard.
In addition, residents will also benefit from a cocktail bar, roof terraces and communal lounges.
The project was granted planning permission in 2016, but the dilapidated site which had become a magnet for anti-social behaviour was not demolished to ground level until four years ago.
According to local Press reports, the BOP planning committee chairman Peter Pawlowski welcomed the development, saying the “well designed application” strongly reflected Poole’s maritime history.
The company behind the project, MMC Land & Regeneration, co-ordinated efforts with the Environment Agency to mitigate flood risk and with Natural England to ensure migrating birds and habitats were protected.
As part of the project’s green credentials, designers will reportedly use modern methods of construction for the buildings, with off-site techniques like mass production and factory assembly rather than traditional building, with the aim of creating less waste in the production process.
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Mark Russell, the company’s managing director, was quoted in local Press reports saying the project will “set the bar high” for the area’s regeneration and “contribute significantly to Poole’s need for high-quality housing in a town centre location, reducing pressure on the greenbelt”.
Devraj Ray, senior associate, structured finance at Sirius Property Finance, said he was “incredibly proud” that the firm had completed the £69 million acquisition and development facility “for a truly wonderful client”.
He added: “The journey has been intense but ultimately so rewarding, as we have invested a huge amount of hard work to structure so many different elements of this deal, which has come together for this fantastic result. We now wait to see the amazing 291-unit seafront development in Poole rise from the ground and take shape.”
Andy Scott, the head of residential development at Octopus Real Estate, said: “It’s always a great achievement to complete a loan like this where we have all worked together towards a result that works for all parties and that we can all be proud of.
“The expertise, diligence and determination of the team at Sirius enabled us to structure a great solution, and we look forward to working with them again in the future.”
Rob Jupp, the group CEO at The Brightstar Group, added: “We’ve had exceptional days before, but Tuesday, May 10, is going to be a tough one to top. Having a market leading brand is one thing, but you also need great advisors in the business, who are determined to do the best for the client, to consistently stay at the top.”
