OakNorth Bank provides £900K loan to redevelop a major mixed-use scheme in Rock, Cornwall

  • The loan is to experienced property developer, SWPG Rock Limited, which is owned and managed by married couple, Duncan Lloyd-Jones and Carly Lloyd-Jones;
  • The capital will be used to redevelop an existing major mixed-use scheme, consisting of three residential units, four commercial units and five garages;
  • Located in the admired Cornish coastal village of Rock, the site is less than a mile away from several popular beaches, including Rock and Porthilly;
  • Cornwall continues to be one of the UK’s favourite holiday destinations, with over five million travellers visiting the county each year[1].

OakNorth Bank, the UK bank for entrepreneurs, by entrepreneurs, has provided, SWPG Rock Limited, with a £900K facility to redevelop an existing major mixed-use scheme in Rock, Cornwall.

Located in a prominent position at the centre of Rock and set back off Rock Road, the site will consist of two two-bedroomed and one three-bedroomed apartments, over 1,280 sq. ft. of commercial space, including two retail units and two office spaces, as well as five garages at the rear of the site that have planning permission to be redeveloped into further office space. The site named, Azime Court, is less than a mile away from several popular beaches, including Rock and Porthilly, making its location a hub for water sport enthusiasts, golfers and tourists.

Founded in May 2020, SWPG Rock Limited, is owned and managed by married couple and experienced property developers, Duncan Lloyd-Jones and Carly Lloyd-Jones.

Duncan Lloyd-Jones and Carly Lloyd-Jones, owners of SWPG Rock Limited, commented on the transaction: “First constructed in 1996, our Azime Court project provides a diverse, exciting and rare opportunity to secure a strategically located mixed-use property proposition for investors and owner occupiers alike. With Cornwall continuing to be one of the UK’s favourite holiday destinations, attracting over five million travellers each year, we expect demand from both residents and businesses to be high. This was our first time working with OakNorth Bank and we couldn’t be more pleased with our decision. We found their lending process highly flexible and transparent from start to finish, with Michael and his team being able to offer a speed of transaction unlike any other bank we’ve worked with in the past.”

Michael Page, Director of Debt Finance at OakNorth Bank, added: “We’re delighted to be supporting both Duncan and Carly, as this project presented itself as a great opportunity for us to help another well-renowned and experienced property developer in the South West gain access to the funding needed to grow. In addition to bringing highly sought after residential units to the region, the Azime Court site is also providing much needed retail space for local and independent businesses, in addition to its office space currently being used by services vital to Cornwall’s tourism, such as the Coast Guard. We look forward to strengthening our relationship with both Duncan and Carly moving forward and we also hope to support them with more development projects in the future.”

 

ENDS

 

Notes to editors

About OakNorth Bank plc

Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.

Since its launch, the bank has:

  • Lent over £7.5B, directly helping with the creation of 31,600 new jobs and 22,300 new homes across the UK.
  • Raised deposits from c.160,000 savers.
  • Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 

Media contact

Tom Pavey-Smith, Associate Director, Growth & Communications – tom.pavey-smith@oaknorth.co.uk / press@oaknorth.co.uk / 0791 716 5588

[1] The Telegraph – Cornwall tourism crackdown as bosses plan holiday homes register

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