The £34m conversion will see two-block building, which was formerly offices and later a 218-room student accommodation facility, turned into 70 contemporary apartments.

Phase one will see the delivery of 22 units, with phase two creating a further 48, with both phases set to take just over two years to complete.

Once finished, the development will provide a range of apartments from studios to three-bedroom units.

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Kamal Pankhania, CEO and managing director of Westcombe Group, commented: “We're pleased to secure this financing, growing our relationship with the bank.

“We're committed to continuing to preserve historic buildings across the country, creating housing and other developments for local communities."

Paul Flannery, senior director of property development at United Trust Bank, added: “UTB are delighted to support another of Westcombe Group’s exciting projects.

“We are committed to supporting housebuilders and developers like Westcombe Group which shares our passion for creating outstanding homes and building thriving communities.”