Market Leads & Opportunities
Lok Developments completes £17m refinancing deal
Lok Developments, which is part of Newcastle-based Morton Group, has completed a £17m refinancing deal for its property development on the site of a former hospital in Gosforth.Newcastle City Council approved plans to develop 37 new homes on the former Sanderson Hospital site on 31 January 2020.Enabling work has started on site with The Morton Group’s delivery arm Kapex Construction.Designed by Sadler Brown Architecture, the scheme involves the construction of 23 new houses and 14 apartments.The 3-acre site was formally home to a Victorian children’s hospital founded by Newcastle philanthropist W J Sanderson but has been empty for almost 20 years. It was bought by Lok Developments in June 2019 from the NHS.Puma Property Finance and partners Mysing provided the investment for the refinancing, with the deal team also including Weightmans, Burges Salmon and CAPTIMA.The development is due to complete in Autumn 2021.
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