West Sussex clients contacted us regarding a site that they owned within the coastal town of Bognor. The developer had obtained planning permission to renovate an existing detached property. This was just the beginning of the developer’s plans; though, they had also obtained planning for the construction of an additional three detached units at the site.
For the development to progress, our client required a £773,000 loan to cover the construction costs of the new properties. This included the renovation of the existing property. Once construction was complete the site would consist of four 4 bedroom detached units.
With a £773,000 development loan agreed, our client could begin work on the project. While the ground works for the three new detached properties took place, renovation of the existing unit made fast progress.
Once the renovated unit was completed, concentration switched on the three new units. The development progressed quickly, with all three detached properties being completed in under 12 months from the initial loan enquiry.
Two of the three units sold immediately after being marketed. The third sold a week later. The three new build units sold for a total of £1,320,000. The existing unit remained on the client’s buy to let portfolio.
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