United Trust Bank’s Development Finance division was approached to fund the acquisition and conversion of a redundant city center office block under permitted development rights.
The building was being disposed of as part of a large-scale relocation by the former owner occupiers, the local council, and UTB together with their funding partners worked collaboratively to meet a challenging 4 week turn around post vacant possession.
The developers obtained permitted development for 88 apartments and applied for planning permission for a further 14 penthouse duplex apartments on the upper floors creating a total of 69,500 sq. ft. of internal accommodation over 5 floors.
Building work is scheduled to take two years and once complete the new apartments will make a significant contribution to the transformation of the city center and its surrounding area.
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