Key Land Capital secures funding for office conversion

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The transformation of a neglected office building into new apartments is set to get under way after developer Key Land Capital secured funding for the scheme.

Peer-to-peer lender Blend Network has backed the Birmingham-based developer on its £3.1 million million office-to-residential conversion in Staffordshire.

The £1.95 million loan agreement enables Key Land Capital to start work on the project which will create 27 apartments to rent only.

The scheme in Stafford town centre already has planning consent secured and is due for completion in the first half of next year.

To be known as The Foregate Building, the project will deliver high-specification one- and two-bedroom apartments and breathe new life into the former Image House office building which has stood empty for more than three years.

Key Land Capital is an investment and development business whose portfolio spans Birmingham and the West Midlands.

Chief executive officer Kevin Sharkey said: “Now that we’ve secured funding, we’re excited at the prospect of commencing work on creating 27 quality, affordable homes to replace an unloved office building.

“We have been looking at Stafford as a great place to invest for some time.

“It is a growing town and has a strong demand for quality apartments in a central location, ideal for young professionals.

“We can’t wait to get started.”

Paul Watson, head of origination at Blend Network, added: “We have agreed to fund a £1.95 million loan facility.

“This is a huge milestone for Blend Network and we are looking to build on this achievement and fund many more similar deals.”

Key Land Capital acquired the office block in Foregate Street in 2017.

The detached 12,146 sq ft building has on-site parking and ground floor retail units and was sold by a private developer with planning permission for conversion to residential use.


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