Sheffield-based property investor Sevenhills Estates has secured £530,000 of refurbishment funding from Cambridge & Counties Bank to renovate and upgrade a Grade II listed property.
The provision for Sevenhills is part of the bank’s range of lending products for the property sector, including specialist refurbishment loans.
The property of Vestry Hall is situated close to the University of Sheffield campus and, having recently undergone a major renovation project, now comprises 21 high-quality bedrooms and living space for students.
Originally built in the nineteenth century, Vestry Hall has been vacant for several years and required a full overhaul after it fell in to a state of disrepair caused by water damage and structural movements.
Richard Renzi, business development manager at Cambridge & Counties Bank, said: “We are delighted to help completion of this project. Our refurbishment loans are aimed at exactly this sort of experienced client, and we are seeing strong demand for our products and services as developers continue to invest in real estate opportunities right across the UK.”
Established by Bo Khan in 1997, Sevenhills has established itself a portfolio of residential investment properties located predominantly in the Sheffield region. Its focus is on student accommodation in the Crookesmoor, Broomhill and Ecclesall areas, in which Vestry Hall is situated.
Khan said: “Demand for student accommodation in Sheffield remains as strong as ever, and the opportunity as well as the business case for us to renovate Vestry Hall was compelling. Cambridge & Counties Bank has supported my business during the last few years and once again provided the right funding solution and valuable support which allowed us to carry out this exciting development.”
In May this year Cambridge & Counties obtained a £100m guarantee under the British Business Bank’s Enable programme.
The UK-backed programme provides a guarantee against a certain amount of credit losses, providing an incentive for banks to lend more to SME customers. Underwriting remains with the beneficiary bank.