Finance company helps £6m project become a reality
THE ambitious transformation of the historic Edwardian property on the Esplanade in Penarth has nearly been completed.
The project, which has created apartments, townhouses, a small nook house, a café and a restaurant with a nine-bed boutique hotel, had support from Cardiff-based Signature Private Finance.
The restaurant and hotel rooms belong to the Michelin-starred chef James Sommerin. Of the nine rooms, five have views over the Severn Estuary.
The cafe, Crazy Cafe, is owned by the property’s developer Richard Hayward and opened in June.
Mr Hayward’s company, RH Properties, which has almost completed the £6m transformation of the unique building, acquired it in 2007. The endeavour had to overcome a host of complex planning, construction and design problems.
“In the current economic climate, short-term property financers like Signature need to base more of their decisions on experience and an understanding of the developer’s vision than just figures on a spreadsheet with boxes to tick on a number of forms,” says Signature CEO Tony Gilbertson.
“To create such a successful transformation of a dilapidated property and achieve the remarkable quality of finish on display needs developers with vision, ambition and determination.
“The least we can do as principal-lenders is show the same ambition and determination to find ways to lend, not reasons to disappoint.
“Our Cardiff office is witnessing a growing appetite for development in South Wales, although not all on this scale, but reliable sources of funding remain an issue.
“Signature is supporting a number of developments in the region, working closely with developers like Richard and experienced brokers like Simon Harrison of Flexible Commercial Funding, who was instrumental in bringing this project to our attention.”
Mr Hayward said: “Projects of this scale require short-term property finance from people who understand what developers are trying to achieve. Following the 2008 recession, the rules changed and borrowing the right amount at the right rate became much harder.
“Simon was well-aware of Signature and their ambition to support developers, introducing them as we prepared to raise capital for the final push to complete what I believe is the perfect combination of heritage with contemporary styling and technology.
“We welcomed Tony to the site to view the transformation for himself, which is important for financers to get a genuine feel for the development and the quality of the finish – which is exceptional.
“There are few developments anywhere that have achieved the extraordinarily high-quality specification we have, with a fabulous award-winning restaurant just a flight of stairs away.”
Mr Gilbertson said: “This was far from a straightforward financing deal, but with our equitable lending criteria, low rates and unrivalled customer service, we were confident we would put together a deal that was right for everyone.
“Richard is a respected property developer, well-known for his work in Wales and it is satisfying to see Signature Private Finance able to make the funds available to support the creation of this luxury development, likely to attract attention from across the UK.”