Close Brothers funds £20m revolving credit for Radlett housing scheme

Close Brothers Property Finance has signed a £20 million revolving credit facility with house‑builder gs8 to finance the Medburn Yard development in Radlett, Hertfordshire. The agreement, the first between the two firms, will support the construction of 52 homes – 38 private and 14 affordable – on a four‑acre site that had been stalled after its previous owner entered administration. The project has a gross development value of £47 million and includes the conversion of a Grade II‑listed barn.

The scheme incorporates sustainability measures such as a ten‑year zero‑energy‑bills guarantee backed by Octopus Energy, and an electric‑car and bike‑sharing club. Additional amenities will feature a fitness centre, DIY and reuse space, concierge services and a seasonal pond. Over 200 buyer enquiries have been recorded ahead of the planned launch, reflecting strong demand in the commuter village.

Phil Hooper, CEO of Close Brothers Property Finance, said the partnership sets a new benchmark for sustainable housebuilding in the UK. Co‑founder Josh Gordon highlighted the project’s blend of design, heritage and sustainability as a unique example of future‑focused development.