Precede Capital Partners has originated a £13.7 million pre-development bridge loan, in partnership with LCM Partners, to advance two residential-led regeneration schemes in Melton Mowbray, Leicestershire, and Lowestoft, Suffolk. The transaction supports the refinancing of existing debt and provides the borrowers with working capital to progress the next stage of both brownfield regeneration projects.
Both sites comprise vacant former industrial land within existing towns. Together, the schemes propose 798 new homes on previously developed land – reflecting the brownfield-first regeneration increasingly prioritised by national planning policy. Reusing land in this way brings forward much-needed housing close to existing transport, services and employment, while reducing pressure to develop on greenfield sites.
In Lowestoft, the former manufacturing site extends to 14.5 hectares in a prominent waterfront position on the south bank of Lake Lothing. Proposals for up to 500 homes and employment space will replace redundant industrial buildings, alongside public open space, a linear park and new pedestrian and cycle connections, supporting the wider regeneration of the Lake Lothing waterfront.
In Melton Mowbray, the 24-acre former manufacturing site at Snow Hill sits on the north-eastern edge of the town centre, close to Melton Country Park and around a mile from the railway station, which provides connections to Leicester, Birmingham, Peterborough and Cambridge. Plans for 298 new homes will also benefit from the town’s recently opened £131 million distributor road.
Randeesh Sandhu, Co-Founder and CEO of Precede Capital, said: “We are delighted to support the borrowers on these two regeneration schemes. Bringing redundant industrial land back into use for new homes, in well-connected locations within existing towns, is exactly the kind of brownfield housing delivery the country needs and that we want to back.”
