UK investment manager Downing is providing £18.4 million in development finance for a historic conversion project in the county of Hertfordshire. The funds are going to a regional developer that is breathing new life into the historic grounds of the former Princess Helena College in Temple Dinsley near Preston.
The scheme involves the comprehensive redevelopment of the extensive grounds, which will accommodate a total of 40 apartments and three houses. The former educational institution has a long history and, owing to its evolved architectural fabric, places specific demands on design and execution.
Combination of heritage restoration and new build
A key element of the financing commitment is the meticulous restoration of the historic main building, which is Grade II* listed. The historic fabric is to be secured and sensitively refurbished for modern residential purposes in keeping with heritage guidelines, preserving the architectural character of the Temple Dinsley estate.
Alongside the conversion of the existing buildings, the plans include the construction of 24 new-build flats on the site. The interplay between conversion and new construction creates a balanced mix of period architecture and contemporary living space in the rural surroundings of Preston.
- —Financing volume of £18.4 million provided by Downing
- —Repurposing of the former Princess Helena College in Temple Dinsley, Preston
- —Extensive restoration of the Grade II* listed main building
- —Creation of 40 apartments, three houses and 24 new-build residential units
With the provision of the £18.4 million, Downing underlines its willingness to finance demanding conversion projects that combine historic building stock with new housing. The Hertfordshire scheme also demonstrates how private funding partners provide targeted backing to regional developers on complex heritage projects in the UK market.
