Work is set to commence by Henry Construction on a £32m residential scheme in Ealing, London. The developed follows a £19m funding deal with Maslow Capital, the real estate development finance provider specialist in order to support Henry who are the developers and contractors. The £32m residential scheme on Greenford Road will consist a part 3- storey, part 5-storey and part 14-storey residential structure that will contain 83 flats.
Initial works on the site will consists of the demolition of petrol station which has been existing there. The Development Director at Henry Construction, Charles Leigh said that they are happy to have closed the transaction with Maslow, which will help them to develop and deliver the much needed high-quality £32m residential scheme for the London Borough of Ealing. “I look forward to continuing the relationship with Maslow throughout the development period, and on future schemes.”
The UK construction trends.
Notwithstanding the effects caused by COVID-19 pandemic to the UK construction and housing markets, the Residential Building Construction industry contractors achieved alot from sustained policy support and government-supported initiatives aimed at accelerating the UK’s residential dwelling inventory amid an acute shortage. Statistics from the National House Building Council (NHBC), revealed that around 1.4 million new homes were registered to be constructed in the UK market over a decade period through 2019, helping to grow the turnover in five consecutive years among UK homebuilders through 2018-19 collectively.
Operators will likely withstand the important operating provocations and market difficulties, at least in the short term. Growth prospects will be on conditional: the lasting economy effects from the COVID-19 pandemic; the property investment markets recovery; and the UK market’s nature adjustment, EU bloc new-found independence will have on the funding stock and demand underlying for new habitable real estate. All of highlighted factors are still somewhat uncertain from the current economic climate.