Avamore

Avamore funds Methodist church conversion



Avamore Capital has completed a finance facility of approximately £598,000 secured against a former Methodist church in Chalgrove, South Oxfordshire.

The single-storey property – which was built in the 1970s – is set to be redeveloped by Apax Property Limited into two three-bedroom houses.

At present, the property consists of two main buildings: the hall and the chapel, linked by an interconnecting structure.

Plans are in place to demolish the structure to leave two separate properties.

The area left following the demolition will be converted into garden and parking spaces for both properties.

The extended height of the chapel will also allow for the property to be split into two floors.

The scheme has a GDV of £900,000 with the properties set to be sold on the open market once complete.

Developer Apax Property Limited has previously completed 15 residential renovations.

Nick Petkov, principal at Avamore Capital, said: “We were really impressed by Apax’s vision for the conversion of the existing Methodist church and certainly feel [confident with regards to] the potential demand from local buyers.

“Avamore [has] no doubt that James [Fox] and Martin [O’Reilly of Apax Property Limited] will deliver what appears to be a very exciting project, and we are looking forward to working with them on future schemes.”

Martin from Apax Property Ltd added: “Nick, Amit [Majithia] and the rest of the team at Avamore have provided a level of contact and support that has been immediate, impressive and beyond that previously experienced from the lending community – a really positive experience. 

“Our best recommendation is that we have a number of other projects progressing with Avamore that efficiently supports our growing company and enables us to fulfil our forward business plan.”


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