Short-term bridging and development financing company, Blackfinch Property, is looking forward to seeing completion of a project where it provided a development loan of £1.8 million for the refurbishment of a derelict factory in the Wigston, East Midlands.
Planning approval had been obtained for the building to be converted into a modern 27-unit residential development of 1 and 2-bedroom apartments. This will comprise a steel frame with brick elevations.
Less than a year later, significant progress has been made on the project. As at January 2020, the developer has stripped out the interior of the building, as well as undertaking extensive subterranean drainage works for the future apartments.
Currently, the developer is modifying the interior of the structure, removing redundant fixings and damaged flooring. Upcoming weeks will see the developer continuing flooring works and assembling the steel frame.
As well as being in a conservation area, the completed units will have much to offer prospective residents in terms of location and transport. It is an easy walk to Wigston train station, which provides direct trains to Leicester, Birmingham International and Birmingham New Street stations.
Max Abbott, Investment Analyst at Gloucester-based Blackfinch Property, said: “We work closely with developers throughout the life of our loans, providing support. Our work includes regular visits to site to monitor the progress of developments under construction, including this site in Wigston.
It’s great to see the progress of each project we have funded, which here will transform a previously disused building, in turn improving the area and boosting the local economy.
Completion is expected by November 2020 and we look forward to seeing the finished apartments.”