Secure Trust Bank (STB) Real Estate Finance has provided a £4m residential property development loan to Old Shire Hall Developments Limited (OSHDL), enabling the transformation of a former magistrate's court in Suffolk.
Once the Old Shire Hall Magistrates Court in Bury Saint Edmunds, the listed building now houses six premium apartments. The building had been vacant since 2016, prior to this redevelopment. Four of the properties have already sold, having been valued and marketed by Bedfords Estate Agents. The facility is provided at a loan-to-value ratio of 58%.
Due to the building's listed nature, this project required preparatory structural work. STB understood this need and provided a 21-month loan, allowing OSHDL the time to execute the construction safely and effectively.
In 2023, STB provided a £2m property development loan to Larkvale Homes, an entity with the same management and ownership of OSHDL, to develop nine homes within a private development in Cockfield, Suffolk.
Austin Cornish, director at Old Shire Hall Developments Limited, said: "It's always a pleasure partnering with the team at Secure Trust Bank. They offer a wealth of expertise in residential property finance, understand the potential challenges of redeveloping listed buildings and always personalise their services to our needs."
The deal was led by John O'Leary, senior relationship director at STB Real Estate Finance, who stated: "We're pleased to have once again worked with Austin and played a role in bringing another collection of premium properties to market, and rejuvenating this impressive, listed property. We look forward to working with Larkvale Homes in the future."
Visit the Secure Trust Bank Real Estate Finance website for more information, or its dedicated page for financing property developments.