A well tenanted commercial property on a busy corner position within Bedford town centre was purchased with the help of Castlehill Capital.
A £900k bridging loan was provided to our client who wished to purchase the property with 3 tenants including the NHS. The property had added appeal for our clients as it provided an opportunity to develop the airspace above the existing structure.
Our builder client was aware of similar planning permissions being granted for airspace developments in close proximity in the Bedford area. Therefore, they moved quickly to agree a purchase price and arranged a quick bridging loan to complete the purchase.
A planning application for 8 flats over 2 floors will now be made to the local authority.
Once planning consent is granted Castlehill Capital will also provide the build facility to enable the client to complete the build.