Lendinvest funds £5.5m development on historic Glaswegian site

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  • 08/03/2018
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Lendinvest funds £5.5m development on historic Glaswegian site
The specialist lender has provided a £5.5m loan to fund 24 new homes in Glasgow, Scotland.

 

The development finance loan has been given to Plutus Developments, and will fund the conversion of a Grade II listed former Belmont Church two  miles outside of Glasgow city centre.

Plutus acquired the site in 2017 with planning permissions already in place for the proposed works.

Upon completion, the historic site will have been converted into 21 one, two, and three-bed flats, and three two-bed mews houses with small private gardens.

Construction is expected to complete by late October 2018, with the total gross development value (GDV) forecast at just below £8.5m.

The homes will be marketed to young professionals seeking quick access to the city.

Steve Larkin (pictured), director of development at Lendinvest, said: “The potential for development in Glasgow is huge, and projects such as Belmont are a key example of where developers can bring old or disused properties back into circulation in ways that add social and economic value to their local areas.”

Ross Harper, owner of Plutus Developments added: “Not only do Lendinvest products work for developers, but the team delivers at every stage of a deal.

“By providing crucial support, and creating a partnership that I hope will grow, I am already looking to Lendinvest to fund my future deals.”

 

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