The finance will be used to buy and part-develop the 1960s-built Fell House in Wakefield, West Yorkshire.

The loan was provided on a 17-month term at 64% LTV.

Property investors Paul Rothwell and Emma Thompson have planned a major conversion project to turn the previously empty block into 32 self-contained, one-bedroom flats under permitted development rights.

Paul has amassed a £33m property portfolio in just 13 years, with his Doncaster-based company Empire Property Concepts purchasing disused commercial buildings, renovating them, then letting the properties as rental homes.

For this latest venture, Together provided a £300,000 short-term loan for the purchase and a further £506,000 towards the cost of developing the disused, four-storey office block.

Barry Dillon, regional development director for Yorkshire at Together, said (pictured above, centre): “This just shows how popular buy-to-let remains among forward-thinking property investors, despite changes to the sector.

“We were delighted to provide this loan and are pleased to be associated with such a successful property investment company.

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“At a time when there is a severe shortage of housing across the UK, this redevelopment is one project which will provide more than 30 affordable rental units.

“It would be great to see others investing in similar projects.”

The disused building – which is located in Wakefield city centre – was previously used as offices for West Yorkshire Police before being purchased by Paul’s company for redevelopment, which will also involve improvements to the outside of the building, such as rendering and fitting new window panels.

“It is a building which has been stood empty and we are looking to modernise it to transform it from quite an uninspiring building into a great place to live,” said Paul, founder and managing director of Empire Property Concepts.

“We generally buy commercial buildings, such as old offices, and add value by refurbishing them and renting them out as self-contained flats, rather than converting existing residential properties.

“This latest project will go towards meeting the growing demand for housing and attract people into the city centre.”

Pictured from left to right: Paul Rothwell, Barry Dillon and Emma Thompson.