Commercial Acceptances provided a facility of £750,000 to assist with the residential development on a former garage site.
Planning permission was approved for demolition of the existing garage and the construction of a 3-bedroom end of terrace house, split over three floors, with small patio garden areas at basement and ground floor levels.
The property is located in Southwark, South East London in a predominately residential area, containing terrace houses and modern apartments. Local shopping amenities are nearby on Southwark Park Road. Bermondsey, London Bridge and South Bank are within close proximity.
CA borrower, an experienced property developer and investor, worked alongside an architect, who designs high quality crafted buildings that are sensitive to their locations. The aim of the project was to deliver an elegant and spacious contemporary family home.
This redefining space demonstrates an incredibly high-level of craftmanship. Timber, brick, glass and steel work together in perfect harmony to create an artfully angular, soft-brutalist structure.
The Southwark Brick House won a Surface Design Award for housing and has been shortlisted for a RIBA London 2023 award. The house also made it onto TV, showcasing an inspirational example on the Build Your Dream Home in the Country series on Channel 5. The Channel 5 Series described the property as a ‘master class in creative brickwork and a homage to British brick’.
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The properties were built of traditional solid brick, with timber upper floors, UPVC windows and tiled timber framed roofs to the main and flat roofs to the additions. Internally the properties benefited from fully fitted kitchens with granite worktops.
Our loan facility represented 55% of GDV. The projected market value of the properties upon completion was £1,100,000 (£550,000 per property).