Project Location: Shropshire
GDV: Around £2,105,000
Development Stretch Facility: Around £1.75m
Funding Security: First charge
Facility Period: 15 months
This barn development is a sympathetic redevelopment project where we have been delighted to again support this developer with a development stretch facility to produce another great example of their craftsmanship.
These Victorian barns are being carefully refurbished to create a range of four, two storey, homes and a detached cottage. The accommodation of the units will range from 2 to 4 bedrooms and individual floor space from 1,305sqft to 2,034sqft. Where possible and as part of the conservation the developer will retain the character features of the original structure. The brick and stone construction of these historic barns will be enhanced by the usual latest modern conveniences for luxury living.
As well as immediate countryside views, the location is on the edge of the pretty and historic village of Coalport, Shropshire. This village is on the River Severn in the Ironbridge Gorge, a mile from Ironbridge. The town is a popular tourist destination and famous for its 18th century canal, china warehouses and workshops and a bridge of cast iron built in 1818 and still in daily vehicular use.
In addition, the location is easily accessible being around ½ a mile from the A442 and, in turn, with access to the M54. The site is within 15 miles of the large city of Wolverhampton and equally to Shrewsbury.
Calmez Development Stretch Facility
In this instance Calmez have provided a development stretch funding facility of £1,756,573 over a term of 15 months on a first charge basis. The site has a GDV of £2,105,000 with individual unit pricing to range from £395,000 to £550,000.
CALMEZ can offer a development stretch facility to developers with a proven track record and whom meet our lending requirements. For more information about applying for a development stretch facility then please contact us here or call us on 0207 096 1900.