Paul Sonabend
Executive Chairman

Published May 24, 2021

I have just returned from spending a day with Angus Macdonald and I cannot wait to tell you how excited I am about not only the current Lakeview project which is on the Relendex platform but also Angus's up and coming plans.

First, I have to say that Angus is blessed, the Somerset countryside is magnificent even in what proved to be 2 rain swept days. What surprised me most is that the Somerset Levels are surprisingly undulating and perfect for concealing Galion’s new houses which are built from the local Lias stone.

Lakeview – A Current Relendex Loan

I experienced a day of constant surprises, all of them heart-warming. We started at the almost completed Lakeview development.

When I first heard that Angus was using local stone, I imagined a quarry, but I was amazed to find that the stone lays on the surface right up to the doorsteps of the houses. Not only is this sustainable building but one with negligible transportation costs.

My next surprise was the fact that whilst I knew the development included affordable housing, I could not see it. This is entirely the result of Angus’s philosophy of creating fully integrated communities. The interspersed affordable housing is built from the same Lias stone, with the same red clay bricks or slates on the roofs and is from the exterior indistinguishable from the rest of the development.

Even before I entered the first house, it was plain to see the new householders busily landscaping their often generously sized lawns and adding embellishments. They were all eager to speak to Angus and his equally passionate Sales and Marketing Director, Victoria Creber, and not because they were complaining!

Once inside the houses, it is clear to see Angus is way ahead of the field. High ceilings, large bright entrance halls, oversized staircases, and a myriad of novel ways to provide delightful, environmentally conscious living spaces. It is easy to see why the homes have been snapped up and why Victoria has a long waiting list for Angus’s next development.

The Future

Angus was keen to share with me his plans for the future. These not only encompass the land he has acquired with planning consent for future development but his forestry work and his innovation centre.

We saw several perfect spots for development, all on the outskirts of existing villages close to Lakeview, and none of which would negatively impact the land. These are of a similar scale to Lakeview and would all have a similar community spirit.

However, Angus and his team of 17 are always looking to improve their techniques and hope to progressively reduce the carbon impact of their developments. An example is the passive infra-red heating system that is the thickness of wallpaper and can be installed under the ceiling plaster skims. No radiators, no gas boiler, no electric heaters, it is quite extraordinary, and this is only one of many innovations Angus’s team are aiming to turn into reality.

Angus, with his farming background and who possesses a strong understanding of land management has also acquired land for diverse reforesting. This will provide the offsets Galion requires, including for phosphate contamination (a West Country nightmare for all housebuilders).

I could go on even more. But, to summarise, I have seen the future of rural permitted housebuilding. Relendex are very excited to be working with Galion and I very much hope that you, our lenders, will be equally excited and proud about the role we are playing in facilitating Galion's work.

Look out for our Baltonsborough loan, Galion’s next development due to be listed on the Relendex platform mid to late June 2021.