LendInvest Mortgages has announced the funding of development loan for a residential project in the historic Welsh town of Caerleon.
The £10,975,000 loan will be used to transform a former college building and two smaller lodges into 48 high-quality private apartments.
The project is being undertaken by Acorn Property Group, a repeat borrower for LendInvest with a strong track record of developments.
The loan package comprises a land loan and a construction loan to facilitate the conversion.
The development will see the conversion and refurbishment of three Grade II listed buildings, including the former college, a principal’s house and a caretaker’s lodge.
The final scheme will deliver 44 apartments within the main college building and four additional units in the smaller lodges.
The college building served as the setting for the UK Netflix drama Sex Education.
Steve Larkin, managing director for development at LendInvest, said: “This development is a prime example of urban regeneration, breathing new life into a landmark building and creating much-needed housing in a fantastic location.
“We are pleased to be continuing our partnership with Acorn Property Group and we’re looking forward to seeing the progress on this ambitious project.
“Our ongoing relationship with Acorn underscores our commitment to supporting experienced developers who consistently deliver high-quality housing opportunities across the UK.”
Melanie Omirou, group managing director at Acorn Property Group, said: “We are delighted to be working once again with LendIvnest on this exciting and sensitive redevelopment.
“Tempus at Parc y Coleg is a unique opportunity to revitalise a much-loved historic site, bringing elegant and contemporary living to the heart of Caerleon while preserving its architectural heritage.
“This scheme is a perfect example of Acorn’s ‘Different by Design’ ethos – transforming character building into beautiful, sustainable homes.”
Daniel O’Neil, executive director of SPF Private Clients, said, “Great to work with LendInvest on funding this latest Acorn Property Group deal.
“Their flexible approach, quick turnaround and deep understanding of the borrower’s specific funding requirements made them the right fit for this project. Always a smooth process with Steve and the team.”
