UTB lends £9.7m for historic Welsh building conversion

United Trust Bank (UTB) has provided £9.7m to fund the conversion and redevelopment of a Grade II-listed building in a Welsh coastal town.

The building – which has had a variety of uses over the last 150 years – had been left vacant in recent times and the site owners had previously attempted to secure funding to complete the project themselves, but were unable to find the right finance partner.

After being introduced to UTB’s client, the site owners decided that a joint venture (JV) with the more experienced housebuilder would be the best way forward.

Once the JV had been agreed, UTB’s client used their considerable experience working with period buildings to re-examine the plans and decided to submit a revised scheme to maximise the site’s potential.

The JV obtained planning permission to build 35 apartments within the existing structure and a further 34 new apartments on the adjoining grounds.

The developer immediately carried out roof repairs and other remedial works in preparation for the substantial re-modelling.

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