A developer has secured a £1.9m refurbishment bridging loan from Aspen Bridging. The funding is for the conversion of a Grade I listed office building in Bath city centre into five residential apartments.
The financing includes an initial advance of £800,000, which refinances an existing £550,000 purchase facility and provides £250,000 for initial works. The remaining £1.1m will be released through staged development drawdowns.
The developer acquired the building off-market in 2025. The property, located on a corner plot in Bath town centre, is described as being in poor condition. The conversion will create five two-bedroom apartments, each with dual aspects, with the completed scheme having an estimated gross development value of approximately £2.7m.
The bridging loan carries a monthly interest rate of 0.79% over an 18-month term. The developer intends to retain the completed apartments as income-producing assets within an existing investment portfolio and will exit through refinancing.