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Wolverhampton hotel secures commercial development finance for renovation
The Wolverhampton Ramada Park Hall Hotel and Spa has secured significant commercial development finance to complete a £1.5 million refurbishment project.
The project will involve the refurbishment of the hotel’s 75 bedrooms, the spa, the function room, the ballroom and other leisure facilities over an 18-month process.
The proprietor of the hotel, R.S Power, said, “This significant refurbishment programme will deliver stylish and contemporary rooms, as well as top of the range leisure and spa facilities.
“The hotel has a very promising future and we look forward to welcoming both long-standing and new guests over the coming months and years.”
The hotel was bought by R.S Power and Partners in November last year after it fell into administration. The move saved over 100 jobs at the hotel, which will now be marketed to the corporate and events market in order to capitalise on its newly refurbished interior.
The historic hotel was able to secure the refurbishment finance as a result of several factors, not least its status as a “iconic” hotel in the region. It is well situated to attract wedding and corporate customers, despite the competitive Midlands hotel sector.
read moreSports pavilion secures development finance
A Wirral sports pavilion has finally secured the development finance it needs for renovation work.
The Wirral Globe reports that the New Ferry Regeneration Action Group (NFRAG) has faced a two-year wrangle over “red tape” but has now secured funding worth £65,000 to give the dilapidated pavilion a makeover. It is understood that the work is already underway.
The New Ferry Park project, which has been funded by the Football Foundation and Biffaward, aims to see the run-down building transformed into a high-spec changing facility for sports teams. Changing rooms will be added as well as lockers and showers. The plans also include proposals to create a separate changing area for referees.
Several local football teams have now taken out at 20-year lease on the pavilion and the project is being co-ordinated by New Ferry Rangers football coach Simon Crabtree. He said, “It has taken so long so see this project happen, but it will have been worth the wait when we have a super new facility that will go some way to encourage more local residents to get involved in football and other fitness sports in the park.”
read moreHotel extension unveiled after commercial development finance secured
The extension of The Mere Golf Resort in Knutsford, Cheshire opened this week after it managed to secure commercial development finance for the project.
The refurbishment finance paid for the development of 81 hotel rooms and a new health spa at the hotel, which were both part of the first phase of work, which was completed in February 2011. The second phase of the development involved the refurbishment of the on site bar and restaurant under the watchful eye of the design team at Mather & Co, the consultancy that worked on the interiors with construction contractors Pochin.
The new health club and spa, which opened last year incorporates a new swimming pool, reception area, steam rooms, treatment rooms and a its own bar and restaurant.
Chris Mather, of Mather & Co, said it was a pleasure to work on the project: “We were excited to be working on what is a world-class destination resort right here on our doorstep in Cheshire.
“As a business we may be better known for our experience in the museum, visitor attraction and sports sectors but this is currently one of the UK's most prestigious redevelopments and it has served to remind of our design skills and project management pedigree in the hotel and leisure industry,” he added.
read moreBridging loan made available for county cricket club renovation
Gloucester County Cricket Club has secured a £400,000 bridging loan to help it pay for its redevelopment.
The loan, from Bristol City Council, is being seen as facilitating the last-ditch attempt to ensure that cricket continues to be played at the ground.
The short-term loan will have to be repaid regardless of whether the cricket ground secures planning permission for the redevelopment. The initial plans put forward to the City Council were for the development of a 17,500 seat ground and 147 residential flats. The plans were rejected on the grounds of the residential development being far too big, at seven storeys.
The cricket club, as a result, threatened to leave Bristol and said it would move county cricket to Gloucester. However it has now come up with new plans to use the space at Filton Airfield, which would still see the ground moving out of Bristol, at a considerable cost to the region.
Bristol City has, therefore, made the bridging loan available to: “Help support the ongoing efforts to improve the facilities, invest in cricket for the region and secure international matches”.
Bristol’s economy could benefit by £1.5 million if it secured one-day internationals in the city, while test matches could bring in as much as £5 million.
read moreDevelopment finance demand to increase as land values rise
Demand for development finance is expected rise, off the back of new figures from estate agent Knight Frank.
The figures show that the average value of residential development land in the UK rose by 0.2 per cent in the final quarter of 2011.
Over the year as a whole, the value of residential development land increased by around 1.3 per cent, with Central London land values rising even further – by an average of 20.3 per cent for the year and 3.2 per cent for Q4 2011.
Knight Frank claims that developers are desperate to get their hands on Central London land and that demand has actually risen by 10 per cent over the past 12 months. This means demand is now exceeding supply, which is, of course, driving up the prices being paid by developers who have been lucky enough to gather commercial development finance for their project.
The land value market for the UK as a whole is roughly in line with house prices, in that they are remaining steady with the best increases being seen for the most attractive sites.
The difference between the demand for London land, and the supply, is expected – by many analysts including those at Knight Frank – to result in London prices rising for an extended period.
read moreNorth Wales hotel project secured commercial development finance
A landmark hotel in North Wales is to receive a face lift after commercial development finance was secured for the project.
The Deganwy Castle Hotel is being refurbished into a boutique hotel and apartment complex, ensuring it becomes the tourist landmark it once was again, after its closure in 2010.
The Grade II-listed building in Conwy will be transformed into a nine-bedroom boutique hotel and a complex of 26 one and two-bedroomed apartments. The redevelopment is due to begin any time now, according to the developers, Coastal and Country Developments, who have owned the hotel since 2011.
The ground floor of the hotel will retain the historic features already in the building, with the east wing being converted into apartments.
Local councillor, Jason Weyman, said that he was relieved that the funding is in place for the refurbishment: “I’ve been told funding is in place and work on the site should commence straight away.
“I’m pleased this project has been given the go ahead. I think we knew that with the current economic climate we were never going to get a full hotel back, so what we are going to get is a good compromise.”
read moreCornwall dental practice secures refurbishment finance
A busy dental surgery in St Agnes, Cornwall, has secured refurbishment finance to allow it to install solar panels and a new decontamination room in the practice.
St Agnes Dental Practice has received the £50,000 commercial development loan from a high street bank. Owners Maggie and Steve Murgatroyd hope that the addition of the solar panels will help the practice to save cash on its energy bills in the long run. Mrs Murgatroyd told Insider Media: “The installation of the solar panels provided a great opportunity for us to take advantage of the amount of sunshine Cornwall receives, and use this to generate power for the practice.”
"This will not only save money, which is obviously a major consideration, but also allow us to be as green as possible in our energy generation,” she added.
The dental practice received the funding as it is considered to be a vital asset to the community in which it is located and has over 7,000 patients on its books. The practice also employs some 15 members of staff. A spokesman for the bank that offered the loan said the addition of the contamination room will help the owners to continue to offer the very best treatment for their patients.
read moreSports centres in South Devon secure development finance for improvements.
A range of sporting and community facilities in South Devon have secured development finance to refurbish and develop existing sites.
Chudleigh Sports Centre, for example, has secured £50,000 in refurbishment finance in order to improve its changing rooms and clubhouse facilities. It is also planning to use the cash to make improvements to its events and social area, as well as its catering facilities and its boiler.
The sports centre is home to the Chudleigh Cricket Club, and the centre’s chairman, John Bryant told the Herald Express: “This award will enable a refurbishment and expansion of the social space to make sure the sports centre remains at the heart of the Chudleigh community for many years to come."
A similar amount of refurbishment finance has been secured by Moretonhampstead Swimming Pool, which will go towards repairing and improving the pool, which is heated by solar power. Meanwhile, Haberton Cricket Club has also received almost £50,000 in development finance to build a new pavilion to replace the current club hut.
The club chairman. Barry Goldsmith, explained, “We can now replace our ramshackle hut with a pavilion to match our outstanding outdoor facilities.”
read moreBridging loan demand soars to 110 per cent of 2010 levels
A new report into the bridging loan industry has found a surge in short-term loans being taken out by developers, to the value of £911 million.
The increase is being attributed to demand from buy-to-let investors and also to the fact that there is still a shortage in development finance available through regular routes due to banks remaining cautious.
Gross lending by bridging lenders was up 110 per cent on 2010 levels. In addition the average size of the loans being taken increased by 28 per cent in 2011, compared with 2010. The loan size average hit highs of £322,000 in August last year, falling slightly due to normal seasonal trends to £266,000 in December 2011.
The increase in demand for alternative sources of development finance and buy-to-let investment finance is set to continue in 2012, with some analysts even claiming the total lent will reach £1 billion by 2013.
Property investors are keen to get their hands of finance that enables them to make the most of the depressed mortgage industry by offering rental property to hopeful first time buyers who are struggling to get onto the property ladder.
read moreChelsea residential development finance secures
Native Land and Grosvenor have announced that they have secured residential development finance for a 100,000 square foot development in Chelsea.
The joint venture partners have confirmed that they have purchased the prime site, known as Alpha Place, which fronts onto Chelsea Manor Street, in the prestigious postcode of SW3. The site already has planning permission for 38 new homes.
Once completed, the projects is expected to include 25 apartments, which will be offered on the open market, together with 13 affordable homes. The development will also comprise the creation of parking spaces for residents and onsite leisure facilities.
The development is expected to begin this summer and will be completed by spring 2014.
Alasdair Nicholls, Native Land’s chief executive, said, “Chelsea is one of the most sought-after residential locations in the world and the Alpha Place project will be very much in keeping with our strategy to meet the sustained demand for prime London property from international investors."
Grosvenor’s executive director Craig McWilliams also added, “Opportunities to develop exceptional places for people to live in such a prime area as this are very rare, so we are delighted to be partnering again with Native Land on Alpha place."
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