Bridging deal of the week

Bridging deal of the week



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A short term finance lender recently completed an unusual bridging finance deal – helping to restore a glamorous Georgian Grade I Listed Crescent in Bath to its former glory.

A short term finance lender recently completed an unusual bridging finance deal – helping to restore a glamorous Georgian Grade I Listed Crescent in Bath to its former glory...

B&C’s Lender of the Year 2012, Dragonfly Property Finance, provided funding for the restoration of Somerset Place – a crescent in Bath which was built between 1790 and 1820.

Previously owned by Bath University, the Crescent was purchased by a single owner in February 2012, the Strategic Iconic Assets Heritage Acquisition Fund (SIAHAF), which is restoring the Crescent to its former glory, creating nine luxury houses and a number of apartments.

Jonathan Samuels, CEO of Dragonfly, commented: “While the Crescent is an extraordinary row of properties in an extraordinary location, many needed substantial work to return them to their former glory. We were delighted to help finance this imaginative and exciting project, which will restore an important part of Bath’s world famous architectural heritage.”

The Crescent development, which is due for completion in 2014, will comprise numerous lateral apartments and mews houses.

Johnny Sandelson, from SIAHAF, said: “We have had a number of enquiries from purchasers interested in buying up the crescent houses prior to development completion. Some clients are enlisting the help of our architectural partners RedBook who can help buyers put their own unique stamp on their property.

“From a modern contemporary interior to an art deco or authentic period restoration, purchasers have a rare opportunity to make this historic property truly their own and write the next chapter in the book.”

Savills’ Luke Brady added: “Somerset Place is a one-off. It’s rare the crescent properties come to the market and nowhere else offers you the choice of nine individual crescent houses with planning permission consented. Purchasers looking to buy these at a developers finish will enjoy all the fun parts of designing a property with none of the headaches.

“You could pay £20 million for a crescent house in Notting Hill or £2-3 million for one at Somerset Place, with 100ft private gardens, which I would consider great value for money.”

 

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