Background: A Grade II Listed building situated in a residential area, close to all amenities and facilities. The building is a 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.
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.
Finance Summary: 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%.
Outcome: Hyde Housing approached the owners to acquire the site in order to fulfil their obligation to provide high quality units of accommodation. On 11 December 2014 the sale completed with the original NUE loan (awarded in March 2014) was repaid.
Not a bad result for 9 months of hard work, if we do say so with 9 families being housed over the Xmas/New Year period.
This is our first completed project in Maidstone. Mr Vince (one of the applicants) said:
“The loan has been fantastic and I will certainly be using it again”.
A further project in Hedley Street has been identified and NUE hope to take this forward in 2015, subject to risk assessment.
Before and After shots:
2 Brand New Houses to the rear with parking
