Market Leads & Opportunities
Property developer backed by £6.5m boost
A Bristol-headquartered property developer has secured a £6.5m funding package from Paragon Development Finance, as well as an equity investment from the Housing Growth Partnership, to support its latest venture.PG Group’s Promenade House project on Weston-super-Mare seafront will comprise 42 one and two-bedroom apartments.Work on the conversion – which has a gross development value of £10.5m – is well underway and is expected to complete in the summer of 2022.The group acquired the building, which operated as the Somerset Legion Hotel from 2007 to 2020, from the Royal British Legion last year.The deal was led on behalf of Paragon by relationship director Toby Burgess, with support from portfolio manager Joshua Mann. Advisers included JLL, MDA Consulting and Brecher LLP.The PG Group was founded in 2002 and has developed a number of projects in the South West, including The Eye and Number One in Bristol.
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