Aldermore funds mixed resi scheme: 7 months on

Aldermore funds mixed resi scheme: 7 months on



Seven months ago, Development Finance Today went on-site with Simon Knowles, Head of Property Development at Aldermore, to visit a mixed residential scheme.


Seven months ago, Development Finance Today went on-site with Simon Knowles, Head of Property Development at Aldermore, to visit a mixed residential scheme.

We recently returned to see the results…

The Ladbroke Grove-based scheme, visited by DFT, saw Aldermore provide £3 million to the developer who owned the site.

The developer had an outstanding debt with a funder which was no longer supportive of development finance.

The investment from Aldermore enabled the client to repay the exiting funder in full, as well as cover 100 per cent of the build costs for the full 18 month term.

The building, named Level 4, involves nine apartments and a retail unit underneath, which has been sold to be used as an estate agency.

As of September, the developer had already agreed sales on five of the nine residential units, as well as the retail unit, where practical completion of the development was expected by the end of 2014.

However, while it is now only a couple of weeks from completion, the development was delayed by a few months due to complications, such as restrictions on using a crane for certain building work.
 


The scheme in September 2014
 

 

The scheme as of April 2015

Looking around the almost-complete development, it is obvious that a lot of thought has been put into the building work, such as steel being used instead of concrete in order to give more ceiling height to the rooms inside.
 
   

A view from one of the apartment’s balcony
 

A fitted kitchen in one of the apartments
 

Bird boxes situated on the back of the building

DFT was also told that six bird boxes were ordered to be implemented on the side of the building by the local council, so that wildlife will not be affected by the development.

While the majority of the apartments include two bedrooms, the one bed apartment on the top floor includes four double doors from the kitchen out onto the balcony, showcasing beautiful views of Ladbroke Grove.
 

 Views from the top floor apartment

Other highlights include a Jacuzzi which had also been installed on the top floor.
 

The jacuzzi on the roof

Aldermore recently revealed that it has now cut valuation fees to £500 for a limited time, as well as increasing procuration fees to 1.75 per cent from one per cent, to incentivise brokers to work with them.

The valuation fee slash was said to have been made to make valuations on both residential and commercial investment properties more cost effective.

 



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