Established in 2016, Honey Hill Housing is now working with Assetz for the second time, having initially secured a loan to purchase the land three years ago in order to prepare for the Sheppey development.
The development site is situated at Scocles Farm in Minster on the Isle of Sheppey. Currently, the 1.7-acre overall site consists of several derelict 19th and 20th century farm buildings which will be removed prior to construction. The first phase development will consist of nine units – with eight semi-detached three-bedroom houses and one four-bedroom detached house.
“There is an increasing need for housing in the South East year on year, and Assetz Capital’s support will enable us to satisfy some of this demand,” said Honey Hill Housing proprietor Michael Withers.
“This particular deal has been in the pipeline for a while, but David’s comprehensive understanding of the challenges that housebuilders face, such as planning permission and environmental related issues, has meant that we have been supported all along the way.”
David Penston, managing director of property loans at Assetz Capital, added: “We are excited to see how the development will help transform this redundant site, and we look forward to supporting the second phase of this development and Michael’s future endeavours.”