Shawbrook supports transformation of Grade II listed Bath property into luxury apartments
A Grade II listed former nursing home in Bath is being converted into seven luxury apartments with the support of a £2.5 million development finance facility from Shawbrook.
At a glance
Shawbrook has provided a £2.5 million development finance facility to APS Homes to support the conversion of a Grade II listed property in Bath into seven luxury apartments.
The project will transform Oakfield House, a former nursing home dating back to 1857. Set within approximately 1.2 acres of grounds and around two miles from Bath city centre, the completed scheme is expected to have a GDV of approximately £5 million.
Given the property's listed status and conservation requirements, APS Homes, an experienced developer operating across Bristol and Bath, was looking for a lender with experience in funding complex listed building projects.
Broker partner, South West Business Finance introduced APS Homes to Shawbrook, with the team working closely with the developer and its advisers to navigate the additional planning considerations and keep the transaction moving.
Shawbrook structured an 18-month, £2.5 million facility covering 100% of development costs, including a day-one advance towards costs already incurred on planning, reports and site development.
The scheme is now nearing completion, bringing the historic property back into use and creating seven new homes in Bath.
Converting a listed building comes with additional challenges, so it was important to work with a lender that understood our ambition and could take a practical approach. The Shawbrook team worked closely with us throughout the process, taking the time to understand the development and ultimately structure a facility that supported our plans for the site.
Greg Pescott, Relationship Director, Development Finance at Shawbrook, commented:
“Oakfield House is a great example of the type of project where having an experienced team can make a real difference. The listed status brought additional considerations, so it was important that we understood the project and worked closely with APS Homes and South West Business Finance to keep things moving.
APS Homes has a strong track record in the local market, and this scheme demonstrates how historic properties can be sensitively transformed to create high-quality new homes.”
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