The funding package supported the acquisition of the site and will assist with the development costs of the scheme.
Stephens + Stephens has secured a £16.6m funding package from Paragon Development Finance to support the One Pentire scheme, a development of 74 luxury apartments on the site of the Fistral Bay Hotel in Newquay.
The funding package supported the acquisition of the site and will assist with the development costs of the scheme.
It is the fifth Stephens + Stephens’ project Paragon Development Finance has supported.
The deal was led on behalf of Paragon by Relationship Director Oliver Thompson.
Demolition of the hotel will start in July and the company aims to complete the five-storey development by the end of 2022.
It will include nine penthouses and 65 one, two and three-bed apartments, as well as underground parking for all apartments with lift access to each floor, and space for a wine bar and café-deli on the ground floor.
The apartments start from £210,000 and penthouses will be from £395,000, with the company taking enquiries now via its website.
Stephens + Stephens was founded by husband and wife team Helen and Paul Stephens and specialise in new builds and refurbishments across Cornwall and the South West.
Helen Stephens, creative director at Stephens + Stephens, said: "We are so excited to have taken on the iconic One Pentire development and to be able to optimise this important location for both the residents of Newquay and the new owners of our coastal, design life and style-driven Cornish apartments.
"Paragon Development Finance remains a close partner of Stephens + Stephens and I’m delighted that the team has supported this exciting project.
"We enjoy a strong relationship with Oli Thompson and the team at Paragon; they understand our business and our requirements and are able to act quickly and efficiently.”
Oliver Thompson, relationship director at Paragon Development Finance, added: “We are delighted to be partnering with Stephens + Stephens for a fifth time as they set about redeveloping the infamous Fistral Bay Hotel.
"The quality of their design and their attention to detail will make this one of the most exciting developments in what is a thriving region.”
