A property developer has secured £900,000 in development finance to convert a 1970s bungalow in Northwich, Cheshire into a five-bedroom home valued at approximately £2 million.
Charles Street Finance provided the funding to James Weston of Spencer Weston Investments, who purchased the Linnard’s Lane property in Wincham for £550,000 in 2024. The total construction cost for the ten-month build phase reached £630,000.
Project scope and specifications
The development involved a double-storey extension with additions to the side and rear of the original structure. The completed property includes a kitchen, living and dining room, detached garage, and a gym and games room with floor-to-ceiling windows overlooking landscaped gardens with a pond.
The works were completed under permitted development rights on the green belt site. Davenport Architecture and Urban Imprint Planning Consultants provided design and planning support for the project.
Portfolio retention strategy
Weston confirmed the property will be retained within his investment portfolio rather than sold, reflecting a strategy focused on long-term capital appreciation. This approach contrasts with the recent volatility in UK property transactions, which have been affected by stamp duty changes in other market segments.
“The Linnard’s Lane site offered an opportunity to add value and create a substantial executive home through upgrading an existing building,” Weston said. “I wanted to work with a finance partner that could support my vision, deliver a lending decision at pace, along with assurance of funds to complete the development within planned timeframes.”
Tom Garthwright, development finance property manager at Charles Street, noted that Weston’s portfolio demonstrated experience in delivering residential developments. The case illustrates continued activity in the development finance sector despite mixed signals across the broader UK housing market.
The project represents a gross development value increase of approximately 264% on the original purchase price, though this does not account for financing costs, professional fees, or the ten-month construction period.
