The borrower – a joint venture between two wealthy families – was looking for finance for the redevelopment of a former public house and adjoining land in a busy commercial centre.
The completed scheme would consist of a nine-storey building plus basement space comprising 22 new-build apartments, including triplex penthouses, as well as ground and lower ground commercial spaces.
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Prior to enabling site access and ground works – which included excavation – complex negotiations were undertaken with Network Rail to ensure a safe build with minimum disruption to commuters.
The appointment of a professional team that was familiar with the site constraints, together with a main contractor, which had a strong track record of delivering similar projects, was crucial to unlocking the potential of the site.
As UTB was assured that the development would provide high-quality homes in a sought-after area – and that the development would be completed by a skilled contractor – it put forward the proposal to its credit committee with facility letter documentation issued on the same day for the funding.