Bedford Place, Maidstone
This Grade II listed building part three storey, two and one storey detached premises with basement. The original building dates back to 1633 with two and single storey extensions built thereafter. The property was arranged as offices and had remained empty for 5 years and situated in a residential area, close to all amenities and facilities.
The original three storey building is of timber frame construction with later extensions of solid masonry construction. The works involved the conversion of the Grade II listed building to from: 7 residential apartments (6 x 2 bedroomed flats with en-suite to master bedroom and 1 x 1 bedroomed flat). In addition to this 2 x 3 bedroom houses have been built to the rear (not funded by NUE).
The applicants included a project manager/architect who previously worked for a national house builder, a builder and a financial backer.
NUE provided the maximum loan to let of £175,000 in March 2014, with a view to repayment 31st March 2017. KCC secured a 1st Charge on the property valued at £400,000 in its original condition, giving a Loan to Value of 43%.
The total cost of the refurbishment was £503,898 (supported by a RICS valuation). The applicants evidenced funds available to complete the project.
The value of the completed development is £ 1,095,000, which reduced the Loan to Value ratio to 16%.
Hyde Housing approached the owners to acquire the site in order to fulfil their obligation to provide high quality units of accommodation. The sale was completed and the NUE loan was repaid.
Not a bad result for 9 months of hard work, with 9 families being housed.
Mr Vince, project manager said: “The loan scheme has been fantastic and I will consider applying again for any future developments”.