Permitted Development

New homes under permitted development in the centre of town

Breathing new life into a former 5 story office building conveniently situated for commuters and town centre amenities.

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Atelier provided £11.1m 21-month development facility to create a selection of studio and 1&2 bedroom apartments for the private rented market. The scheme is being completed under permitted development by a experienced developer who develops, holds and manages their assets. 

Gross Loan

£11.5m

Term

21 months

LTV

69%

Units Created

72

Exit Method

Refinance

"The ambition of this development is to re purpose a vacant office building into 76 new homes for rent under permitted development rights. Our borrower has a unique business model where they develop and hold the asset using their own letting agency to manage the asset."

- Alan MacLeod, Director of Credit

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