£25.5m to support Avenues development at Watford Riverwell

Paragon Development Finance has provided £25.5 million to support the acquisition of land and development of 85 new homes at the 'Avenues' scheme at Watford Riverwell.

The £40m 'Avenues' development consists of two phases and construction will be carried out by Hertfordshire-based Jarvis Contracting on the site of the former Farm Terrace Allotments.

Permission was granted in April last year to build new 192 properties on the land.

Overall, the £450 million Watford Riverwell project by Watford General Hospital and Watford Football Club's Vicarage Road stadiym will take between 15 and 20 years to complete.

It will result in approximately 1,000 new homes, along with a retirement village, primary school and retail, commercial and industrial space, as well as other amenities.

The whole project is a joint venture between Watford Borough Council and Kier Property.

Riverwell development and hospital redevelopment (previous hospital design shown)

Andrew Storey, managing director of regeneration at Kier Property said: "Watford Riverwell will transform the south of the town and we are delighted to be playing a key role in the scheme. This is an ambitious and impressive development that will regenerate the area from predominantly brownfield land, bringing new homes and facilities and broader economic benefits.

"Paragon has been a key partner, understanding our requirements completely and showing the expertise needed to progress the funding efficiently and within a tight timeframe."

Avenues 192-home development

Simon Dekker, Paragon Development Finance Relationship Director, added: "We’re pleased to be working with Kier Property and Watford Borough Council to be part of such an impressive development that will result in a significant amount of new homes and help transform an area in a sustainable manner and with a long-term view."