FRP Real Estate Advisory has structured a £1.1 million refinance across four lenders and seven separate leases for an experienced property refurbishment contractor, releasing equity from a completed office-to-residential conversion in Reading.
The facility will help fund the client’s next project, another office-to-residential scheme in the South East.
The facility was arranged across four lenders, including MT Finance and Landbay, at 75 per cent LTV. To work within individual lenders’ requirements, the property was split into seven separate leases, six residential and one ground-floor commercial unit, with the freehold retained in a holding entity, and all four facilities required to complete simultaneously.
The transaction reflects a wider trend of converting underused office stock into new homes. Office-to-residential conversions under permitted development delivered 5,154 new homes in England in 2024-25, according to Ministry of Housing, Communities and Local Government figures, though completion numbers have fallen steadily since 2020 as the most easily converted stock is used up.
The deal was led by Gareth Briggs, Associate Director at FRP Real Estate Advisory, who has advised the client on a previous transaction. The client, an experienced contractor, self-funded the conversion of a former hairdresser’s with office space above, completing the scheme earlier this year before turning to the team to release equity from the finished asset.
Legal support on the transaction was provided by Jury O’Shea LLP.
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Gareth Briggs, associate director at FRP Real Estate Advisory, said:
“Coordinating four lenders across seven leases so everything was completed on the same day was a genuine structuring challenge, and it took real patience from everyone involved to get there.
“Each lender had its own requirements, so aligning the leases, the freehold structure and the timing took some careful planning behind the scenes.
“It’s great to be working with the client again after a previous deal together, and I’m looking forward to helping them get moving on their next project.”
Image: pictured – Gareth Briggs, associate director at FRP Real Estate Advisory
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