Avamore Capital, the specialist bridging and development SME property lender, has completed a 12-month gross facility of circa £598k secured against a former Methodist church in Chalgrove with a GDV of £900k.
The facility provided by Avamore Capital has allowed the developers (Apax Property Limited) to make extensive works to the property. After the purchase of the 1970s single story church, plans are in place to develop the property into 2 x three- bedroom houses in the village of Chalgrove. The South Oxfordshire village offers excellent access to the motorway as well as a range of local amenities. Once all developments are completed, the property will be an excellent product for the local market appealing to young families at an affordable price. Avamore Capital are delighted be working with experienced developers, Apax Property Limited who have a lot of expertise in this field having previously completed 15 successful residential renovations.
Currently, The property consists of two main buildings, The Hall and The Chapel; both linked by an interconnecting structure. Plans are in place to demolish this structure, making way for two properties. The developers then aim to convert the space previously occupied as the link building into garden and parking spaces for both properties. The extended height of the Chapel will also allow for the developers to split the structure into two floors. Once the development is completed the borrower plans to sell both properties on the open market.
Martin from Apax Property Ltd commented:
“Both James and I are proud to be working with Avamore Capital on the Chalgrove venture. Nick, Amit and the rest of the team at Avamore have provided a level of contact and support that has been immediate, impressive and beyond that previously experienced from the Lending community – a really positive experience. Our best recommendation is that we have a number of other projects progressing with Avamore that efficiently supports our growing company and enables us to fulfil our forward business plan.”
Nick Petkov, principal at Avamore Capital said:
“We were really impressed by Apax’s vision for the conversion of the existing Methodist Church and certainly feel confidence as of the potential demand from local buyers. Avamore have no doubt that James and Martin will deliver what appears to be a very exciting project, and we are looking forward to working with them on future schemes”.