Former bank to be converted to commercial and residential use
A former bank, in Sale, is being converted into ground floor commercial space and upper floor apartments, following a development loan from Bolton-based PMJ Capital.
The facility has been extended to SME developer, 21 Living, and comprises a £1.1m development loan over an 18-month term with an 85% loan to cost, and 57% loan to gross development value, based on an end value of £2.1m.
The Northenden Road redevelopment will convert this four-storey former bank in the heart of Sale into 3,000 sq ft of ground floor commercial space, eight one- and two-bedroom apartments, private parking with electric vehicle charging, bike storage and a vibrant urban garden.
Luke Powell, at 21 Living, said: “This latest project is the conversion of a stunning unused building into much needed accommodation in the popular village of Sale.
“All apartments have been sold off plan and we are in discussions with several operators regarding the retail space.”
He added: “We have worked with Lee and the team at PMJ on a number of projects now.”
Director at PMJ Capital, Lee Barton said: “This fantastic scheme is an incredibly exciting project for us to fund.
“Working with experienced property professionals such as Luke and his team, enables us to fund projects quickly and flexibly.
“We are also working with 21 Living on an upcoming scheme in Bury and look forward to seeing their success continue.”
