Derby £1m

Gross Loan

£1,041,365

Loan Type

Development

Term

15 months

LTGDV/LTV

54.1%

Annual Rate

7.5%

Monthly Rate

0.6%

The borrower has worked in the construction industry since the early 2000s, up to 2009 as a project manager and construction manager on large commercial developments in SE England.

The property is a former Lloyds bank, with a Grade II listed façade. There is existing PD consent and Listed Building consent to convert the existing upper floors into 11x flats (6x studios, 5x 1-beds). The ground floor under the current planning application is to be retained as commercial space.

Our development loan facilitates the acquisition of the property and the development cost for conversion into residential flats.

The Property is dual-fronted on both Iron Gate and Sadler Gate within the historic Cathedral Quarter of Derby. The immediate area is well known as the principal food and drink location within the City Centre.

The Property is just over 1-mile from Derby Station with both CrossCountry and East Midlands Railway services that cover all from London, Nottingham, Sheffield, Plymouth, Edinburgh and Birmingham.

The Property is an attractive, period building in good condition and that is Grade II listed. Once completed to a good quality there will be strong occupier and purchaser demand, given a lack of similar available flats within the City Centre itself.

There is potential for the developer to add value after acquisition by submitting for enhanced planning that will increase the number of residential units from 11 to 29.

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