Property developer Sycamore Estates has turned a former Sheffield Methodist Chapel into modern apartments with the help of an £850,000 loan from Lloyds Bank.
Sycamore was established 15 years ago by Paul Singh to buy and let residential properties and branched out into property development seven years ago.
The business acquired the derelict Birley Carr Methodist Chapel on Fox Hill Road earlier this year and has converted into 14 one and two-bedroom residential apartments, which have all been let.
Mr Singh approached Lloyds Bank Commercial Banking for finance under the Government-backed Funding for Lending Scheme, having received similar support for previous expansion projects.
The addition of the Birley Carr chapel brings the number of residential units Sycamore owns to 150, and is expected to boost its current turnover of around £750,000 by up to 10 per cent.
Paul Singh said: “The Birley Carr chapel is a landmark building in the local area, and was quite a different development to anything that we have done before.
“While the past few years have been a difficult time for much of the UK property market, it has offered a large number of opportunities for any firms looking to purchase and hold-on to rental properties rather than those looking to sell them on. The support from Lloyds Bank Commercial Banking to help us secure this and previous investments has been instrumental in laying the foundations for our future growth.”
Ken Davies, SME Banking relationship director for Lloyds Bank Commercial Banking, said: “Sycamore Estates’ new property is a superb addition to the company’s portfolio, being both visually attractive and already in high demand with tenants.
“The business’s growth in what is a highly competitive sector is a credit to Paul’s acumen and hard work. By working closely with the company over the past few years, we have been able to put in place the best lending packages to help its expansion.”