Secure Trust Bank (STB) Real Estate Finance has provided a £4m residential property development loan to Old Shire Hall Developments Limited (OSHDL), enabling the transformation of the former magistrates' court in Bury Saint Edmunds, Suffolk.
The listed building, vacant since 2016, has been converted into six premium apartments. Four of the units have already been sold, marketed and valued by Bedfords Estate Agents. The facility was provided at a loan-to-value ratio of 58%.
Due to the building’s listed status, preparatory structural work was required before redevelopment could begin. STB provided a 21-month loan, allowing OSHDL sufficient time to complete the construction safely and effectively.
In 2023, STB supported Larkvale Homes, a company with the same management and ownership as OSHDL, with a £2m property development loan to deliver nine homes in a private development in Cockfield, Suffolk.
Austin Cornish, director at Old Shire Hall Developments Limited, comments, “It’s always a pleasure partnering with the team at Secure Trust Bank. They offer a wealth of expertise in residential property finance, understand the potential challenges of redeveloping listed buildings and always personalise their services to our needs.”
John O’Leary, senior relationship director at STB Real Estate Finance, adds, “We’re pleased to have once again worked with Austin and played a role in bringing another collection of premium properties to market, and rejuvenating this impressive, listed property. We look forward to working with Larkvale Homes in the future.”
