Article: Hurst & Hurst Estates partners with Barwood and Close Brothers on New Forest development

Published by ShowHouse on 9 December, 2024.

Property development company Hurst & Hurst Estates has partnered with Barwood Capital (Barwood), UK based real estate investment and development specialist, and Close Brothers Property Finance, to secure a development opportunity within the New Forest National Park with a Gross Development Value (GDV) of £13.5m. 

The development will see 46 energy efficient homes built on a 6 acre site, of which 50% will be provided as affordable housing, providing much needed housing in an idyllic and rural location. 

The homes will all be built to a high specification and the development allows for a substantial amount of recreational green space which many of the homes will overlook. Biodiversity will be further enhanced by native planting, bat and bird boxes and hibernacula including log piles. In addition, the new homes will incorporate a range of energy efficient measures including air source heat pumps, EV charging points, and wastewater heat recovery. The development meets the required government target of 10% biodiversity net gain and elements of the design such as quantity of open space exceed this. 

Excellent progress has been made to date. All roads and mains drainage are complete and the S278 works are agreed. Foundation works are complete on nearly all plots with superstructure works underway. The first homes are expected to be ready in the Q2/3 2025. Marketing will formally commence spring 2025. 

Barwood Capital will provide all the equity for the project, while Close Brothers are providing the senior debt.

Hector Hurst, Founder and Managing Director at Hurst & Hurst Estates said: 

“We’re very excited to be progressing at speed through the build phase of this landmark site, partnered once more with Barwood. Being the most substantial development allowed in this area of the New Forest in many years, we’re thrilled to be able to showcase our quality on such a prestigious stage.” 

Steve Chambers, Head of Residential at Barwood said:

‘We are delighted to have invested in this unique project and been able to support Hurst & Hurst on our second project together. Hurst & Hurst is an outstanding SME housebuilder and this relationship, and a project of this nature typifies those that Barwood seeks to invest in through our UK Residential Investment Platform.”

Paul Radley, Senior Business Development Manager at Close Brothers Property Finance, said 

“We’re thrilled to be supporting this exciting new project in the New Forest, alongside these trusted and experienced housebuilders. The vision and expertise of both Barwood and Hurst & Hurst make them ideal partners, and our support of this development demonstrates our commitment to backing high-quality developments for trusted housebuilders."