key land capital

Key Land progresses on Stafford office conversion



Key Land Capital is progressing with its transformation of a Stafford office building into 27 affordable apartments, and is expected to reach completion in Q1 2021.

203_2021-10-11-04-53-12pm.gif

The £3.1m Image House development will offer studios, as well as one- and two-bedroom apartments for first-time buyers and investors.

Key Land Capital confirmed the showhome is complete, and viewings can be booked through the sales office.

Prices for the studios will start at £97,650, and two-bedroom apartments at £142,000.

The developer received planning consent for the scheme from Stafford Borough Council.

Blend Network has provided a £1.95m loan for the project.

The funding was agreed at 80% LTC, 72% LTGDV and 10% interest rate.

The loan was deployed in tranches throughout the project progression — the maturity on the first instalment was 20 months, while on the second and third tranches was 16 months and 15 months, respectively.

Contractor Connect PDI is delivering the project.

Kevin Sharkey, chief executive office at Key Land Capital said: “Despite the difficult economic and working environment for most of 2020, our team has made fantastic progress on creating 27 quality, affordable homes to replace an unloved office building. 

“We’re doing what we do best, delivering great quality homes and attractive investment opportunities.

“[Stafford] is a growing town and has a strong demand for quality apartments in a central location, ideal for young professionals.”



Leave a comment