Funding package helps developer transform iconic building
A Midlands property investment and development business has completed a new residential and commercial development in a former telephone exchange, with support from Lloyds Bank.
Read time: 5 mins Added: 16/01/2019
Family business Gidney Holdings, which specialises in building residential property developments across the Midlands, has transformed the iconic Solihull building into luxury apartments and office space.
The development was backed by a £2.3million loan from Lloyds Bank, Gidney Holding’s long-standing financial partner, and £875,000 from social investor the Housing Growth Partnership.
A long-term partnership
The development is called The Exchange and comprises eight two-bedroom apartments and two two-bedroom penthouses, with a suite of offices on the ground floor.
The Exchange is the fourth project the firm has completed with support from Lloyds Bank, with past redevelopments including properties in Leamington and Warwick.
"The team at Lloyds Bank has strong sector expertise that has been invaluable in this project. We’re already looking forward to the next one."
Andy Gidney, director, Gidney Holdings
"This latest project has seen us transform a well-loved but neglected building into attractive properties in Solihull, which is a much sought-after area in the West Midlands.
"Lloyds Bank has supported us for many years and it’s fantastic to be working with its team, alongside the Housing Growth Partnership, on The Exchange."
Vaughan Hobbs, relationship director at Lloyds Bank Commercial Banking, said: "Solihull is a popular place for professionals and The Exchange is an exciting new development providing high-quality housing in the heart of the town."
"The UK housing sector is a buoyant place to be and SMEs like Gidney Holdings have seen a significant uplift in their growth prospects."
Vaughan Hobbs, relationship director at Lloyds Bank Commercial Banking
Committed to supporting SMEs
Vaughan Hobbs added: "Our latest Housebuilders report showed that 26 per cent of SMEs are predicting a year-on-year increase in the number of homes they build this year.
"We’re committed to helping Britain prosper by supporting small to medium sized businesses like Gidney Holdings, which is why we’ve pledged to increase our lending by a further £2 billion this year."
All lending is subject to status.
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