LARGE RESIDENTIAL DEVELOPMENT
We take a look at a large development project case converting commercial offices into residential homes.
Crystal secured deals totalling over £9.1m to ensure the successful purchase and development of a largescale residential project for an established property developer.
The overall gross development value of the project was over £18m and included a change of use from office (Class B1) to residential (Class C3), which comprised of 33 one, two and three bed dwellings.
A £3m bridge was agreed to ensure a successful acquisition of the Grade II listed building, despite a pending planning application decision which was ultimately agreed. This was followed by a further development finance loan structed to clear the existing finance agreement with an extra £1.9m released at phase one and £4.22m at phase two of the project.
The broker came away with a £45,000 commission with no additional fees.