Plans to build a block of luxury apartments in a Derbyshire town have received a £3.4 million boost.
Pillars Holdings wants to demolish a 1920s house in North Avenue, Ashbourne, and build 14 apartments in its place.
The company has now received financial backing from lender Assetz Capital to help make the project a reality.
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The building that currently stands on the 1.5-acre plot is known as The Mount. The building has been empty for the past decade and plans to pull it down and build apartments in its place have been around since 2009.
This aerial shot shows the development site
Back then, an application was lodged by the previous owner of the site with Derbyshire Dales District Council for the scheme, which was eventually granted on appeal. But work on the project did not start.
Pillars Holdings bought the site in September thanks to the first tranche of the Assetz Capital loan, which amounted to £830,000. Now, it is hoping to get the go-ahead to demolish The Mount and start building the apartments.
The development, which Pillars hopes will be completed by July 2019, will also comprise apartments with balconies, terraces and gardens, secure underground parking and leisure facilities.
David Austin, chief executive at Pillars Holdings, said: “When seeking finance to support this ambitious project, we found that there was very little support from high street banks and a hesitation to lend.
The Mount, which has stood empty for the past decade, will be demolished to make way for the apartments
“We considered alternative options as we were keen to get this project off the ground in a relatively short time.
“We chose to work with Assetz Capital as they offered a transparent product backed up by an experienced team that understood the property market.
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“The additional capital allows us to ensure the highest quality in our projects and build apartments to the luxurious standard that our brand is known for.”
Rebecca Hall, regional relationship director at Assetz Capital, said: “David has an impressive track record and has worked on projects ranging from grand stately homes to luxury residencies in the Cheshire region.
“We are proud to support the business with the Ashbourne project and look forward to developing our relationship with the team over the next few years.”
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Source: Derby Telegraph