Aldermore provides £4.6m loan for redevelopment of seaside hotel in Somerset
Aldermore bank has provided a £4.6 million property development loan to Refresh Property Group Limited, part of the wider group of companies comprising of Acorn Homes Group Ltd, for the construction of 40 new residential apartments on the site of the former Lynton House Hotel.
In December 2008, the 56-bed Lynton House Hotel was ravaged by a major fire and ceased trading.
There was another fire at the site in 2015 which resulted in further damage to the building structure.
Since then, the Victorian building has been exposed to the elements and its condition and appearance mean it will be demolished and replaced by new buildings.
Colin Ness, property development manager at Aldermore, said:
“It’s great to be able to breathe new life into a site which has been derelict for well over a decade now.
Mark and his team were very easy to deal with and are highly experienced at working on new build schemes such as this.
We’re looking forward to seeing the site complete and contributing to the regeneration of the local area.”
Mark Thomas, managing director of Acorn Homes, said:
“It was great to complete our first deal with Aldermore on this exciting project which we have been working on for seven years and taken through numerous planning processes.
Aldermore offer both residential development and investment finance and as such are a natural lender for us as we are both a developer and a private sector (PRS) landlord.
Colin and his team were very responsive and pragmatic throughout the transaction and we hope that this is the first deal of many together.
We look forward to rejuvenating this site and adding rental stock in Weston-super-Mare to our ever-growing PRS portfolio.”
The new development will consist of 12 one-bedroom apartments and 28 two-bedroom apartments.
The site is located off a residential street and within reasonable walking distance of a good range of local amenities including: parks, bars, restaurants and a beach located within a 5-minute walk.
The loan was provided to Refresh Living No.4 Limited a direct subsidiary of Refresh Property Group Limited.