Member Article

£850k cash injection brings former Sheffield Methodist chapel apartments to market

The Sheffield-based property developer Sycamore Estates has completed the conversion of an old Methodist Chapel into modern apartments, with the support of an £850,000 loan from Lloyds Bank Commercial Banking.

The former derelict Birley Carr Methodist Chapel on Fox Hill Road in Sheffield has now been converted into 14 one and two-bedroom residential apartments.

All of the new living abodes have been snapped up quickly after completion of the project, mirroring the Sycamore Estates’ overall occupancy rate of around 98 per cent.

Sycamore Estates was established by Paul Singh, who began building a private property investment portfolio 15 years ago, before quitting his managerial day job to run the company full-time in 2008.

Paul approached Lloyds Bank Commercial Banking for the Government-backed Funding for Lending Scheme (FLS) loan to purchase the building, having received similar support for previous expansion projects.

Through the FLS customers receive a one per cent interest rate discount on all new loans and hire purchase facilities.

The addition of the Birley Carr chapel will bring the number of residential units the company owns to 150, and is expected to boost its current turnover of around £750,000 by up to 10 per cent.

Paul Singh said: “The Birley Carr chapel is a landmark building in the local area, and was quite a different development to anything that we have done before, but restoring it to its former glory has been an immensely satisfying experience and it looks set to be one of our single most popular properties.

“While the past few years have been a difficult time for much of the UK property market, it has offered a large number of opportunities for any firms looking to purchase and hold-on to rental properties rather than those looking to sell them on.

“The support from Lloyds Bank Commercial Banking to help us secure this and previous investments has been instrumental in laying the foundations for our future growth.”

Ken Davies, SME Banking relationship director, Lloyds Bank Commercial Banking, said: “Sycamore Estates’ new property is a superb addition to the company’s portfolio, being both visually attractive and already in high demand with tenants.”

This was posted in Bdaily's Members' News section by Mark Lane .