Close Brothers backs next stage of £120m Leicestershire scheme

A 288-home residential development in Lutterworth will move towards completion, after Mulberry Homes secured financing for the final phase of the project.

Kingsbury Park is the largest single scheme ever funded by Close Brothers Property Finance, and is the largest and longest-running development in Mulberry Homes’ 15 year history.

Mulberry announced plans to start work on the fourth phase of the development last year, after detailed planning permission was granted for the final 33 homes by Harborough council in 2022.

Outline permission for the development, off Coventry Road on the Western edge of Lutterworth, was originally granted in May 2016, with work beginning shortly afterwards.

The completion brings the number of new homes financed by Close Brothers Property Finance for Mulberry Homes to over 1,000.

Simon Davey, Business Development Director at Close Brothers Property Finance, said: “Our relationship with Mulberry Homes spans more than a decade and is built on mutual trust, consistent communication and a shared commitment to delivering high-quality housing.

“In today’s environment, where delivery timelines are longer and market conditions more complex, relationship-led lending has never been more important. We remain committed to supporting established SME housebuilders like Mulberry Homes to bring forward much-needed new homes across the UK.”

Over the course of its relationship with CBPF the housebuilder has delivered 23 developments ranging in size from a 22 unit project in Great Easton to multi-phased schemes of the scale and complexity of Kingsbury Park.

Across the build period at Kingsbury Park, Mulberry Homes managed operational pressures resulting from Brexit, the Covid pandemic and the economic turbulence that followed Russia’s invasion of Ukraine.

Delivering a scheme of this scale over eight years meant navigating some of the most disruptive conditions the housing market has seen in recent decades, according to finance director, John Burke.

“Kingsbury Park has experienced both the best and the worst of housing market conditions, but it has proven to be a highly resilient location, with demand remaining steady even during the market’s lower ebbs,” he said.

“A phased approach has been vital to allow us to deliver high-quality homes alongside the infrastructure and open spaces needed to create a thriving community.

“Close Brothers has been a consistent partner from the outset, with a strong understanding of both the scheme and the wider development lifecycle. Their ability to provide flexible, pragmatic support when required has played a key role in helping to keep the project on track and delivering it efficiently.”