Shawbrook Bank has provided APS Homes with £2.5 million in development finance for the conversion of a former care home in Bath. The Grade II listed building will be transformed into seven residential units. This financing underscores the bank's continued commitment to sophisticated real estate projects across the UK.
The loan facility spans an 18-month period and covers 100% of the development costs for the historic building, which dates back to 1857. The estimated Gross Development Value (GDV) of the project is approximately £5 million, highlighting the profitability and appeal of the development.
This transaction was managed by Michael Deacon, Relationship Director at Shawbrook. He expressed pleasure regarding the collaboration with APS Homes, emphasising that it represents another successful partnership. Deacon highlighted that Shawbrook particularly values APS Homes' detailed planning and proven track record in similar projects.
Expertise in Listed Building Projects
The conversion of listed buildings presents specific challenges that require particular expertise in handling historic structures and complying with applicable regulations. Shawbrook's financing confirms the bank's confidence in APS Homes' ability to successfully deliver such complex projects. These projects not only contribute to the creation of new housing but also to the preservation and revitalisation of cultural heritage.
For APS Homes, a renowned company in real estate development, this marks another significant undertaking. The building's use as a care home ended some years ago, creating an opportunity to find a new purpose for the property. The development into high-quality residential apartments is expected to make a positive contribution to Bath's local housing infrastructure.
