Zurich House

A developer with conversion and mixed-use construction expertise acquired a dilapidated office block with a chequered planning history.

Working closely with the local council, planning consent was granted for 44 residential apartments.

We partnered the developer with a lender who recognised the value of this planning gain and accounted for this as part of the equity participation.

Subsequently, a further consent was achieved for 9 apartments on top of the existing building which increased the GDV by £2.5m. The existing lending partner again supported this work.