Shawbrook has provided a £2.5 million development finance facility to APS Homes to support the transformation of a Grade II listed property in Bath into seven luxury apartments, which is nearing completion.
The 18-month facility is supporting the redevelopment of Oakfield House, a former nursing home dating back to 1857, with the completed scheme expected to have a Gross Development Value (GDV) of approximately £5 million.
Set within approximately 1.2 acres of grounds and around two miles from Bath city centre, the historic property is being converted into seven new homes while retaining the character of the listed building.
APS Homes is an experienced developer operating across Bristol and Bath. Given Oakfield House’s listed status and associated conservation requirements, the developer was looking for a lender with experience in funding more complex listed building projects.
Introduced by broker partner South West Business Finance, Shawbrook worked closely with APS Homes and its advisers on the additional planning considerations associated with the development.
The £2.5 million facility covers 100% of development costs and included a day-one advance towards costs already incurred on planning, reports and site development.
Richard Pratt, Managing Director at APS Homes, said: “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.”