St Peter's Street development receives £12.5 million funding

Paragon Development Finance has agreed the facility with BQ Properties (St Albans) Limited to support the scheme at 67–69 St Peter’s Street.

Delivered by Boom Construction, the developer’s in-house main contractor, the project will deliver 34 residential units along with three commercial spaces - two at ground level and one in the basement.

Mark Quinn, director at Aldenham Residential, said: "St Peter’s Street is a prominent and well-connected city centre location, and this scheme brings forward homes and commercial space in a way that aligns with and complements the existing urban fabric.

"We are pleased to be working with Paragon again.

"Their support has enabled us to move forward and deliver the site with confidence, building on our track record of delivering well-located, design-led developments across Hertfordshire and the home counties."

The 22-month facility will assist with build costs, professional fees, marketing, and interest during the construction phase.

The development will offer a mix of one, two, and three-bedroom apartments and is expected to reach a gross development value of around £23.5 million.

CGI of the St Peter's Street development. (Image: BQ Properties)

Adrian Reeves of Paragon commented: “This is a well-located scheme in one of the South East’s strongest residential markets, built by a skilled and reputed developer with a proven delivery record. It is great to continue my relationship with Mark, Oliver, and their team.

"This latest facility has been intentionally structured to support the build through to completion, recognising the appeal of the location and depth of experience behind the project.”

The project is Paragon’s second with Aldenham Residential, following the completion of Rosecroft Close in Bovingdon.

Previously, The Herts Advertiser revealed banking giant Barclays had submitted plans to fit-out the building at 69-69A St Peter's Street.

Oliver Clegg, managing director at Boom Construction, added: “This is a complex, constrained town centre site, and our focus is on careful planning, coordination and quality delivery throughout. 

"Working closely with Aldenham Residential and the wider team allows us to maintain programme certainty while delivering a scheme that responds to the constraints and opportunities of a live town centre environment.”