Hampshire Trust Bank (HTB) has delivered a £16.3m development loan facility as part of a build-to-rent development project, repurposing the landmark Sutherland House office building in Coventry into over 100 new homes.
Located near the bustling Foleshill Road and scenic Coventry Canal, the project will contribute to the regeneration of the local area, preserving local identity and representing a distinguishable landmark for both residents, and visitors.
Once complete, the development will consist of 57 one-bedroom apartments, 42 two-bedroom apartments and three studio apartments, alongside a reception area and residents lounge, as well as parking and bike storage facilities.
The project is being undertaken by experienced real estate development and investment firm MCR Property Group and will be retained and operated under the MCR Homes Brand, with work expected to be completed by early 2025.
This project represents a continuation of MCR Property Group’s strategic expansion into the build-to-rent sector, which has become an increasingly important part of the UK housing market.
As cities like Coventry continue to grow, the demand for flexible, high-quality rental housing is expected to rise, and MCR Property Group is well-positioned to meet this demand through projects like Sutherland House.
HTB provided a £16.3m residential development facility for the project, across a 15-month term. It has been structured at 65% of gross development value.
https://lnkd.in/eCeH_Sxf