Bank of London and The Middle East (BLME) has provided a £20 million development facility to finance a Beech Holding residential project. The facility is provided to assist with the conversion of a former office block, Cale Cross House in central Newcastle, into 241 residential apartments under the developer’s exclusive in-house co-living brand, ‘City Co-Living’.
The scheme will comprise a mix of studios and one bedroom units, suitable for graduates and young professionals, as well as a wealth of amenity space – including a state-of-the art commercial sized gym, private dining rooms, co-work space, cinema rooms and gaming rooms.
Office to residential conversion has become increasingly popular in recent years, with changes to permitted development rights (PDR) regulation in 2020 making it a much more viable option. The deal marks BLME’s fourth transaction with Beech, following the successful completion of three projects in Manchester.
