Cala funds for Black Country curve
CALA Finance, the residential funding arm of residential and commercial property developer CALA Group, is funding a £3 million mixed use development in Wolverhampton city centre.
The Birmingham office of CALA Finance is backing Cannock-based Damar Homes' develop-ment of 24 one and two-bedroom apartments above 7,389 sq ft of office space on Tempest Street.
CALA will provide funding for a profits share. This package is designed to help smaller housebuilders, contractors and first time developers get funding for developments which they could otherwise not get without providing up to 35 per cent of the development costs.
The company funds residential and mixed use schemes with an end development value from £1.5 million to £20 million. CALA also provides advice and guidance on land acquisition, planning, costing and construction, and sales and marketing new developments.
The new mixed use development, known as The Curve, is located on the city side of Wolverhampton's ring road, adjacent to Sainsbury's.
Work has started on the former car park. The first homes will be released in early spring 2007, priced from around £110,000 and Damar Homes expects them to appeal to local professional singles and couples and first time buyers.
This is the eighth development, and first mixed use scheme, by Damar Homes, which CALA Finance has funded. The eight schemes have an end value of more than £26 million.
"CALA Finance's ongoing funding and expert advice has allowed us to acquire and develop our sites, much more quickly than we would have previously thought possible," said Damar director Ian Marsh. "With Wolver-hampton one of the Midlands' up and coming property locations through its on-going regeneration, we believe we are funding a unique scheme," added Ken Phillips, Birmingham-based managing director of CALA Finance.
