The Invest & Grow loan enabled LB Mablethorpe Ltd to complete the site preparation, infrastructure and servicing works at a time when financial institutions were unable to fund development activity at commercially acceptable rates, due to the site being located in an area of flood risk.
A huge up-front investment has been necessary to fund the land purchase, professional fees and infrastructure works that are required to release the various elements of the scheme and get us to the point of a first sale and development return. The Invest & Grow loan will enable LB Mablethorpe Ltd to complete the site preparation, infrastructure and servicing works at a time when financial institutions were unable to fund development activity at commercially acceptable rates. We are extremely grateful to our local LEP for their assistance in funding this work and helping facilitate long term growth and employment in the area.
Paul McSorley, Lindum Board Director
LB Mablethorpe Ltd has been involved in detailed discussions to develop the 30-acre Golf Road site since 2008. As the site is located in an area of flood risk, negotiations with the Environment Agency and the local planning authority necessitated significant land profiling and infrastructure work at a very early stage of the project delivery. The costs and timescale associated with these conditions had an extremely detrimental impact on the funding profile, and subsequently impacted on bringing the site forward for development.
The construction project is scheduled to last 4 years, with the housing development estimated to take two years to complete.
The first build phase consisted of 38 weeks, carrying out extensive groundwork involving importing over 30,000 tonnes of drainage material, installing 70,000 13m long vertical drains and levelling and compacting 120,000 tonnes of engineered clay, with a further 20,000 tonnes of surcharge being placed on top.