Sterling Rose Homes secures GBP6.5m Paragon funding for Norwood development
Sterling Rose Homes has secured a GBP6.5 million funding package from Paragon Development Finance to support the development of new apartments and commercial space on the site of a derelict pub in Norwood, South London.
The funding has assisted in the acquisition of the former Queens Arms pub on Portland Road and the development of 30 stylish and contemporary apartments located within a five-minute walk from Norwood Junction Station.
The 40 Portland Road development will also include commercial space on the ground floor for retail or hospitality use. The pub last closed its doors over 10 years ago and has fallen into a state of serious disrepair.
Work has commenced on the scheme, which consists of a mix of studio to three-bed apartments and includes nine affordable units, and is due to complete in Autumn next year.
Sterling Rose was founded by Miheer Mehta 10 years ago and has since grown into a business with an annual turnover in excess of GBP20 million. It specialises in high end developments in London and the South East.
Founder and owner Miheer Mehta says: “This development will replace an unsightly, derelict pub with stylish new apartments and commercial space, injecting more life into Portland Road and helping with the broader regeneration of the area.
“We approached Paragon and have been very impressed with the team’s efficient processes and proactivity. They were on the same page as us from the start and were able to thoroughly cater to our needs as developers.”
Robert Orr, Paragon Development Finance Managing Director, says: “We are delighted to have backed Sterling Rose Homes on this new scheme, which will create much-needed new homes and breathe life back into Portland Road.
“We have been thoroughly impressed by previous Sterling Rose Homes projects, which demonstrates the company’s commitment to excellence. We are sure these apartments will prove popular with buyers.”