A developer has secured a £1.9 million refurbishment bridging loan to convert a Grade I listed office building in Bath city centre into five residential apartments.
The facility was provided by Aspen Bridging, according to Property Wire. It combines an initial £800,000 advance with a further £1.1 million allocated for staged development drawdowns.
The opening advance represents 80% loan-to-value, while the remaining funding will be released as the refurbishment proceeds. The structure gives the borrower access to capital aligned with the delivery of the conversion rather than providing the full facility at completion.
The project will repurpose office accommodation in a centrally located heritage asset for residential use. Grade I listed status adds a significant preservation dimension to the planned works, while the scheme’s scale limits the conversion to five apartments.
