hotel conversion

Regeneration specialist secures funding for hotel conversion project

United Trust Bank has provided funding to Acorn Property Group for the conversion of a former hotel into 35 apartments.

The property in Porthcawl, south Wales – which is set to be converted into a mix of one-, two- and three-bedroom apartments – has a GDV of approximately £24m.

The site is adjacent to the Royal Porthcawl Golf Course, which hosts the Senior Open, and will overlook Rest Bay, a popular south Wales surfing beach.

The residential scheme (pictured above) is expected to be completed in 2019, with a second phase of development expected to start in 18 months delivering an additional 34 apartments.

The regeneration specialist will develop the project in a JV with the landowner and has spent two years securing listed building approval and new-build planning consent.

Intelle Construction has been named as the principal contractor on a £7m contract for the conversion work.

James Groombridge, regional managing director for Acorn’s Cardiff office, said: “Having spent the last two years obtaining a new planning consent and listed building approval as well as undertaking over six months of pre-conversion works, it is really exciting to have finally started on the 18-month programme to convert the former convalescent hotel.

“As well as being a fabulous building, the location is superb and it is no surprise that we already have more than 600 prospective buyers registered on our database.”

Sign up to our newsletter to receive more news like this story

I accept that by joining the DFT mailing list, I will receive relevant news and promotional material via DFT on behalf of its partners and advertisers. Your data will not be passed on to any third party.
No, thanks, just the news please.

Leave a comment