LendInvest Mortgages has committed £3.74 million to finance a new residential development in Wokingham, marking the transformation of a long-abandoned industrial site into much-needed housing.
The loan, structured as both a land and construction facility, will fund a three-storey building containing 14 apartments, two of which will be allocated as affordable housing. The project is led by an existing LendInvest borrower and was introduced by one of the firm’s key debt advisors.
The development site was formerly occupied by Jewsons, a builders’ merchants that closed several years ago. The old structures will be demolished to make way for six one-bedroom and eight two-bedroom apartments.
Steve Larkin, Managing Director for Development at LendInvest, said the scheme demonstrates the value of redeveloping disused commercial premises into residential communities.
“This development is a great example of transforming former commercial premises into a residential area, supplying 14 new living spaces close to Wokingham’s town centre,” he said. “At LendInvest, we’ve always been committed to supporting SME developers, and this project underscores our commitment. The UK needs more high-quality housing, and we’re looking forward to seeing the potential that this new development can bring to the area.”
The project aims to revitalise a dormant site while adding to the town’s housing stock and enhancing the local community.
