LendInvest funds £2m office-to-resi project

LendInvest funds £2m office-to-resi project

LendInvest has funded an office-to-residential development in Nottingham city centre.

Crosslane Residential Developments purchased the five-storey office block on Hounds Gate for £910,000 and converted the site into 23 one and two-bed apartments which were marketed between £100,000 and £350,000.

In a two-year deal, LendInvest lent Crosslane £2m based on a gross development value of 50%.

Steve Larkin, Director of Development Finance at LendInvest, said: “There are very few examples of similar-sized residential developments happening in Nottingham city centre over the last few years.

“The success of this project proves the viability of the region’s residential market and will help to put Nottingham back on the map for developers.

“Crosslane and LendInvest have already agreed a subsequent deal to fund a three-unit conversion project in central Birmingham. This is the start of a long-standing relationship.”

Steve Goldstraw, CEO at Crosslane Residential Developments, said: “Development projects on this scale are never without their challenges, but LendInvest was a partner to Crosslane and fully supportive throughout.

“Their professional team engaged with us openly and proactively to build the right funding structure, get the project off the ground and see it through to completion.” 

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