The specialist lender was familiar with the project, as it initially offered a loan to the local developer who took on the conversion project.

However, as the developer was experiencing financial difficulty with some of his other development schemes and was unable to finish the works on the 1 Sion Hill Place mansion, Atelier invited New Millenium Developments to take over the project.

The specialist lender provided the £4.8m, 20-month term loan to New Millenium, which, together with the mezzanine finance obtained from Davon, enabled the firm to acquire the scheme from the previous developer.

The funding will also allow New Millenium to complete the building refurbishment and reconfiguration into five homes.

The first three apartments, including a duplex penthouse across the building’s top two floors valued at £2.25m, will be completed in July, with the remaining two are due to be finished in September. 

All five homes will feature high-end kitchens and bathrooms, huge sash windows and moulded ceilings.

•   Differing definitions of net zero could be stalling planet-positive construction with greenwashing, claims developer
•   Atelier completes its biggest loan to date for conversion of famous 'Notting Hill' film location
•   Atelier lends £8.1m for luxury PBSA scheme in Birmingham

Interior of the new apartments in 1 Sion Hill Place 

The scheme will also see the existing garden remodelled to create a mixture of private terraces and secluded spaces.

Graham Emmett, joint CEO at Atelier, said: “We had previously worked with New Millennium’s director Michael Rosser on the redevelopment of other Georgian homes in Bath, and he had shown himself to be a consummate professional with unmatched expertise in dealing with the unique challenges these precious historic buildings can pose.

“Michael has decades of experience in working with the beautiful Georgian homes that have made Bath a world heritage site, and we saw his skill first-hand in 2020 when he delivered several complex schemes on time and on budget, despite the lockdowns.

“He was therefore a natural choice to get 1 Sion Hill Place back on track, and we’re delighted to be working with him as the project enters the home straight.”

Michael added: “1 Sion Hill Place was built as a country mansion in the city, and for two centuries it has been a beacon of Georgian grandeur and grace on one of Bath’s most exclusive streets.

“I jumped at the chance to work again with Atelier on the transformation of the mansion into five beautiful homes that will stand the test of time, just like the original building — Graham and his team have financed other schemes I’ve built in Bath, and Atelier has proved itself to be a reliable, expert partner at every stage of the development journey.”