Residential conversion brings empty office building back to life
A multi-million pound loan facility has enabled the completion of a new residential development in Hull.
The backing from privately-owned property lender ASG Finance was for Raj Krishnasamy, of Krish Ventures, and covered the acquisition and refurbishment of a former office building on Alfred Gelder Street.
The upper floors of the building were transformed into 20 apartments, while the ground floor remains available for retail or leisure use.
Building work was completed in November 2021, and Krish Ventures finished the refinance of the development loan with ASG Finance in January 2022.
The 20 serviced apartments are the newest addition to Krish Ventures’ growing residential investment portfolio.
Mark Heyes, specialist property lender at ASG Finance, said: “Raj has done an excellent job converting the empty office building to 20 serviced apartments offering a high standard of accommodation for people needing both short and long term stays.
“It’s been a pleasure to provide the funding to help with the purchase of the building and the construction costs, which has now been refinanced onto a longer-term facility with a mainstream lender.
“We look forward to discussing future projects with Raj and helping him on his next scheme. Thanks to Mark Storey at BHP Debt Advisory for the initial introduction and Lyndon Campbell at Bevan Brittan for providing legal advice.”
