A loan of £7.6 million from Atelier Finance will fund the conversion of an office building in High Wycombe into 52 apartments.
The Permitted Development (PD) scheme will deliver 43 studio flats, eight one-bedroom units and one two-bedroom flat at Castle House in Castle Street, a largely residential area. The scheme will provide 68 car parking spaces.
The deal, over 24 months, is structured at 66 per cent loan-to-value.
Luke Eadie, lending manager for Atelier, said: “It has been a pleasure to work with a new borrower and further strengthen our relationship with Brotherton on this permitted development scheme in High Wycombe. We look forward to seeing the delivery of 52 high-quality homes in an excellent location.”
Simon Joseph, relationship director for Atelier, said: “This is the latest in a long line of permitted development schemes we have financed, and we are well placed to advise developers on optimal loan structures for PD schemes.
“We can’t overlook the role office-residential conversion will play in increasing housing supply.”
Image: Google.
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