Lorne Road, Dover
No Use Empty has stepped in to help unlock Phase I of a development in Dover.
Without our support it is unlikely the five houses, which are all occupied, would have been completed for a considerable amount of time.
Following the success of Phase I, the owners intended to re-finance in order to commence work on Phase II to create seven new apartments. However this would have demoted the Council’s security to a second charge on the site, compromising its control and potentially being of greater risk if the site was not finished.
NUE/KCC worked with the developers to offer an interest bearing loan to ensure Phase II completes in a shorter timescale. As well as providing much needed quality homes for Dover, the new arrangement in place gives a more robust security for the Council.
The apartments are due to complete during 2017.
You can read more about this project and its energy efficient measures on Page 12 of our Bumper Edition newsletter
The owners of the site said, “No Use Empty threw us a lifeline for this site as the bank loan was only available for 12 months and planning permission took 14 months, The bank crisis came into place and we had a site that we could not develop on.”