19.9 C
Lancashire
Wednesday, July 24, 2024

Specialist Lender Assetz Capital rejuvenates former guest house into serviced apartments

North-west headquartered specialist marketplace lender Assetz Capital have provided a £607k development loan to Higher End Ltd to develop an old guest house in Morecambe. The finished property will consist of serviced apartments aimed at supporting the local corporate and tourism sectors.

The property is a large mid-terraced home set out over 5 floors that has been used as a guesthouse in recent years. The site is being converted to provide 7x 1-bed and 1x 2-bed self-contained serviced accommodation with ensuite rooms and kitchenettes. The influx of investment due over the next twelve months as the Eden projects gets underway is likely to see strong demand for this type of accommodation in the area as it will provide an affordable alternative to standard hotel and guesthouse amenities sought by the corporate market working in the area during the week, and the leisure and tourist industry at the weekend.

This loan is typical of what lender Assetz Capital seek to fund, with over £1.5bn lent to date and thousands of SMEs like Higher End Ltd supported. Assetz has sought to address funding in sectors such as tourism and hospitality which many traditional lenders overlook, with an upsurge in funding guesthouse acquisitions and redevelopments in recent months.

Colin Doyle, Relationship Director at Assetz Capital said; ‘This is a great example of what our lending ethos can achieve. It’s always pleasing improving an existing property to make it great again, and with local tourism on the rise this new enterprise will support the sector and the local economy. This is the second loan we have completed with the Director, so long may the partnership continue.’

spot_imgspot_img

Latest

Hull Business Launches Yorkshire-Themed Hamper to Celebrate Yorkshire Day 2024

Hull-based gift hamper company, Peach Hampers, is delighted to...

ACTEXPO24: Discover the Finest Coffee and Tea at Africa Coffee & Tea Expo 2024

As the global demand for premium coffee and artisanal...

Appeal after serious collision on the M6 leaves five people injured

Lancashire Police are appealing for witnesses and footage after...

John Ryan By Design Unveils New Website, Product Range, and Premier Retail Champion Status from NBF

John Ryan By Design, a North West-based mattress maker...
spot_img

Subscribe to our newsletter

Business Lancashire will use the information you provide on this form to be in touch with you and to provide updates and marketing.

Don't miss

Dad jailed for murdering two-year-old son

A man has been jailed for life for the...

Bury author scoops Lancashire’s Book of the Year Award for third year running

A talented author from Bury has been handed a...

Lancashire launches new business board to grow local economy

An independent board has been formed with heads of...

Bin it and bag it: Jollyes launches nationwide free poo bag giveaway

Retailer Jollyes will open its next brand new store...

More News

National Association of Professional Sourcing Agents (NAPSA) Shortlisted for Prestigious Service Provider of the Year Award

The National Association of Professional Sourcing Agents (NAPSA) is delighted to announce its nomination for the prestigious Service Provider of the Year Award at...

LandlordBuyer Reports a Startling Increase in Landlord Possession Actions and Repossessions in Recent Study

LandlordBuyer's latest research has uncovered an alarming escalation in landlord possession claims and repossessions for the last quarter of 2023, with totals reaching 23,282...

incspaces launches all-in-one Virtual Office and Desk Space subscription

incspaces, a leading provider of innovative workspace solutions, is proud to announce the launch of Infinity Office™, the UK’s first all-in-one virtual office and...