July 25, 2014
Residential development lender, Titlestone Property Finance has agreed funding for new housing schemes on two former commercial sites in London and Newmarket.
In South Harrow, Titlestone is supporting the conversion of a vacant five-storey office building with a £15.5 million loan. The conversion, which is being undertaken under permitted development rights, will include 23 studio flats, 45 one-bedroom and 33 two-bedroom apartments.
When completed, the scheme will total almost 60,000 sq ft of residential accommodation and 165 car parking spaces on the 1.5 acre plot.
Titlestone is also providing finance for a 46,400 sq ft residential development by Phix Residential Ltd in Newmarket, Suffolk. The scheme, which includes the conversion of an existing building as well as new build, is being developed on a 1.2 acre commercial site.
The Newmarket development includes six four-bedroom houses, 35 two-bedroom apartments and a small number of one bedroom and three bedroom flats.
Titlestone specialises in providing stretched senior debt to residential developers and has committed to projects across Southern England.
Robert Orr, Chief executive of Titlestone says: “The funding proposition which we are able to offer is meeting a significant gap in the market, enabling residential developers to spread their equity across a greater number of projects in areas where there is rising demand for new housing.”