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.
We provided an £11.1m 21-month development facility to create a selection of studio, one and two 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.
"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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