Shawbrook Bank funds £2.5m Bath listed building conversion

Shawbrook Bank has provided £2.5 million in development finance to APS Homes for the conversion of Oakfield House, a Grade II listed former nursing home in Bath, into seven residential apartments.

The 18-month financing arrangement covers 100% of the development costs for the 1857 building, which is situated on approximately 1.2 acres roughly two miles from the Bath city centre. The project is nearing completion and has an estimated gross development value of approximately £5 million.

The transaction, introduced by South West Business Finance, included a day-one advance to cover expenditures already incurred on site preparation, reports, and planning. Developers noted that the listed status of the property required a lender with specific expertise in the complexities and conservation requirements associated with heritage buildings.