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Thornsett secures £13.1m Paragon funding package for Wimbledon YMCA scheme

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Paragon Development Finance has provided a £13.1 million finance facility to support Thornsett with the development a 121 room YMCA hostel for YMCA St Paul’s Group.

The new facility at 200 The Broadway will replace the existing YMCA building and also free-up land for a subsequent 135-unit residential scheme in the borough.

The redevelopment of the site will mean YMCA St Paul’s Group will continue its long association with Wimbledon, stretching back 150 years, whilst also providing much needed new homes in the area.

The 135-unit residential scheme will consist of a mix of studio, one, two and three-bed properties. Construction of the scheme will take place in phases, with Phase 1 works for the new YMCA building beginning shortly and expected to be completed by summer 2023. Phase 2 for the new residential development will commence subsequently and will take a further two years.

Demolition of the existing Tower Lodge building has now completed and will be followed by the demolition of Olympic House by the end of October.

Thornsett is a London-based family-owned firm with a track record of delivering residential-led partnering developments over the past three decades.

Gerard Cunningham of Thornsett said: “This is an extremely exciting redevelopment that will result in a state-of-the-art YMCA building that will bring great benefits for the community, as well as 135 much-needed new homes in Wimbledon.

“We are most satisfied that not only will this development provide new homes for first-time buyers, but the hostel will deliver high quality accommodation for those in most need. YMCA St Paul’s Group has an association with Wimbledon that stretches back to the 1800s and we are proud to be working on a project that will extend that association.”

He added: “Paragon has been the perfect partner for this project, providing a flexible finance facility and structuring the funding to reflect the various stages of the scheme.”

Paragon Development Finance Relationship Director Nigel Jackson said: “This is a fantastic community project and one we are pleased to support through our finance package. “Thornsett is a well-established developer with a strong track record of successfully delivering residential schemes across the UK and overseas. We look forward to supporting the business further as they progress with the project.”

For further information contact:

Michael Clarke
Head of Media Relations
Tel: 07740090746

Notes to editors:

Paragon Bank provides competitive property development finance up to the value of £35 million across England and Wales. Paragon Bank Development Finance Limited is a member of the Paragon Banking Group which is a FTSE 250 group based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group has over £12 billion of assets under management and manages over 450,000 customer accounts. Paragon Development Finance Limited. Registered in England number 03901943. Registered office 51 Homer Road, Solihull, West Midlands, B91 3QJ.