Shawbrook has provided a £2.5m development finance facility to APS Homes for the conversion of Oakfield House, a Grade II listed former nursing home in Bath, into seven luxury apartments. The scheme is nearing completion, with an expected gross development value of approximately £5m.
The 18-month facility is supporting the redevelopment of the property, which dates back to 1857 and sits within approximately 1.2 acres of grounds around two miles from Bath city centre. The historic building is being converted into seven new homes while retaining its listed character.
APS Homes, which operates across Bristol and Bath, sought a lender with experience in funding complex listed building projects given the additional conservation requirements the development carries. South West Business Finance introduced the deal, with Shawbrook working closely with the developer and its advisers on the planning considerations associated with the site.
The facility covers 100% of development costs and includes a day-one advance towards expenditure already incurred on planning, reports and site preparation.
“Converting a listed building comes with additional challenges, so it was important to work with a lender that understood our ambition and could take a practical approach,” said Richard Pratt, managing director at APS Homes.
“The Shawbrook team worked closely with us throughout the process, taking the time to understand the development and ultimately structure a facility that supported our plans for the site.”
Greg Pescott, relationship director, development finance at Shawbrook, said Oakfield House illustrates the value of specialist experience on complex projects.
“The listed status brought additional considerations, so it was important that we understood the project and worked closely with APS Homes and South West Business Finance to keep things moving,” Pescott said. “APS Homes has a strong track record in the local market, and this scheme demonstrates how historic properties can be sensitively transformed to create high-quality new homes.”
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