Assetz Capital has announced that it has provided £5.5m of development finance to redevelop a vacant former college site on Beaconsfield Road in Woolton, Liverpool, into 18 apartments.
The 18-month development finance facility, set at about 58% loan-to-value (LTV), will fund demolition of the existing building and construction of the new scheme. The apartments will comprise six three-bedroom, seven two-bedroom and five one-bedroom units.
The building, formerly known as Community House, is understood to have housed teachers at the neighbouring school or schools, and has stood vacant since 2021.
A house valued at £1.2m at the entrance to the site provides additional security, which lowers leverage against the encumbered property. The wider project also includes plans to split the title of a newly acquired site and build two houses of about 4,000 sq ft each.
“This facility demonstrates our commitment to supporting SME developers with the funding they need to bring residential schemes forward,” said Mark Roberts, relationship director at Assetz Capital.
“By providing a flexible development finance solution for this Liverpool project, we are helping to unlock the potential of a vacant former Community House site and support the delivery of 18 new homes.
“We look forward to seeing the development progress and continuing to support experienced property professionals with funding solutions tailored to their projects.”
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