Lok Cops The Lot In Whopping £17 Million Refinancing Deal

Lok Developments has completed a £17 million refinancing deal for its luxury property development on the site of the former Sanderson Hospital in Gosforth.

Newcastle City Council approved plans to develop 37 new homes on the former Sanderson Hospital site in on 31 January 2020.

Enabling work started on site with The Morton Group’s (based in Newcastle) delivery arm Kapex Construction was is due to complete in Autumn 2021 - a revised date has not been issued.

The residential scheme, Sycamore Square, will create 23 new houses and 14 apartments centred around a large green central space near Gosforth High Street.

There will be a mix of four and five bedroom detached homes including two bungalows, four bedroom townhouses and two bedroom apartments.

 

Aluminium framed windows

Designs for the development, drawn up by award-winning Sadler Brown Architecture, were inspired by the historical hospital context. The new homes will be set around a central landscaped garden space created for residents and will feature red brickwork, natural slate roofs and modern aluminium framed windows.

 

 “This refinancing deal represents a tremendous achievement by Lok Developments. It has taken a monumental effort from our team and our partners and it is an extremely positive sign of what can be achieved in the midst of a global crisis. We have great confidence in the development, location and future demand in the housing market.”

– Gary Morton 

Group CEO, Morton Group

 

NHS

The 3-acre site had been empty for almost 20 years. It was bought by Lok Developments in June 2019 from the NHS with an unconditional offer. Puma Property Finance and partners Mysing provided the investment, and the deal team also included Weightmans, Burges Salmon LLP and CAPTIMA Ltd.

Picture:  CGI of Sycamore Square © AKA Sadler Brown

www.themortongroup.co.uk

Article written by Cathryn Ellis
12th May 2020

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