Developer Strawberry Star has secured £75m of funding from Cheyne Capital that will help deliver Phase One of their Lu2on mixed-use scheme in Luton – set to complete next year.

The firm – who’re speaking at our upcoming Luton Development Plans Event – are transforming a 6.8-acre site and once complete the whole scheme will include 877 homes in a mixture of one and two bedroom apartments, studios, and facilities including private roof gardens.

Santhosh Gowda, Chairman of Strawberry Star Group and speaker at our Luton Development Plans Event, said: “Lu2on by Strawberry Star is the first mixed-use development in Luton, providing attractive, high-quality homes as well as retail and commercial facilities. The development is supporting the regeneration of the area and contributing to the economic growth of the town. We are working closely with the local community and the Council, to support inclusive growth. We are delighted about our new partnership with Cheyne Capital, and it signifies confidence in us both as a developer and our vision for the scheme.”

Richard Howe of Cheyne Capital, says: “At Cheyne, we capitalise on opportunities in direct real estate lending; the investment approach combines a comprehensive valuation of the property assets with a detailed analysis of the debt structure in order to identify investments offering attractive yields and robust downside protection. By transacting on this debt recapitalisation we have further demonstrated our ability to source and provide innovative financial solutions in an ever changing and challenging market. We were impressed with Strawberry Star’s track record as a developer in the UK property market and are delighted to support them in bringing to market this fantastic mixed-use development to Luton.”

To hear about the final stages of Phase One and the delivery plans for Phase Two register here: