Specialist property lender Assetz Capital injects £5.5m into a redevelopment of a former college site in Liverpool into 18 residential apartments. Tony McDonough reports
Specialist property lender Assetz Capital says it has provided £5.5m of funding for a south Liverpool residential project comprising 18 apartments.
Assetz has provided an 18-month facility structured at 58.17% loan-to-value, which suggests the value of the former college site in Beaconsfield Road in Woolton is around £9.5m.
This development will comprise six three-bedroom apartments, seven two-bedroom apartments and five one-bedroom apartments and will be built on the site of a property formerly known as a ‘community house’.
It is understood to have provided accommodation for teachers working at neighbouring schools and has been vacant since 2021.
Although Assetz declined to provide the name of the recipient of the funding, city council planning records show the planning application for the scheme was submitted by Audere BW, a joint venture vehicle formed by developer Audere and BW Architects, the designer of the scheme.
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Funding has been structured to support the borrower in progressing the development, with additional security provided by a house valued at £1.2m at the entrance to the site. This wider project also includes plans to split the title of a newly acquired site and develop two executive houses, each measuring approximately 4,000 sq ft.
Mark Roberts, relationship director at Assetz Capital, said: “This facility demonstrates our commitment to supporting SME developers with the funding they need to bring residential schemes forward.”
“By providing a flexible development finance solution for this Liverpool project, we are helping to unlock the potential of a vacant former Community House site and support the delivery of 18 new homes.
“We look forward to seeing the development progress and continuing to support experienced property professionals with funding solutions tailored to their projects.