After five years of planning and development, a Grade II listed, previously overgrown cottage in rural Hertfordshire has been rejuvenated by Ferndale Builders and put on the market, thanks to funding from Secure Trust Bank - Real Estate Finance. A further two high-end detached luxury homes have also been built on the cottage's land.
Situated in leafy Woodend, Ardley, the cottage, known as Spring Grange, is over 500 years old and survived a fire that burned one third of the property down in 1947. Having been unoccupied for over 20 years, the cottage and the extensive land on which it is built was purchased by Ferndale Builders in April 2016. Robert Woodcock, master builder and director of the company, set about restoring the cottage and building two brand new, high specification detached family homes, with construction starting in June of 2022.
Valued between £1.3m to £1.5m apiece, the three properties boast four bedrooms each across two storeys, surrounded by expansive plots of countryside. The two new builds have already been brought to market, while the cottage reached practical completion in September 2023. The material specified for the renovation of the listed building is deliberately designed to be sympathetic to its original state, providing an authentic feel to the property. While structurally true to its past, the property remains environmentally conscious - upgrading its EPC credentials through air source heat pumps.
The deal was sealed thanks to STB's approachability and deep understanding of the real estate market and property finance. Having purchased the land with cash, Ferndale Builders sealed the £2.01m property development loan on a 24-month term with a 72% loan-to-cost (LTC) and 60% loan-to-gross-development-value (LTGDV). Facilitated by John O'Leary, Senior Relationship Director at STB Real Estate Finance, the loan enabled the refurbishment, extension and full fit out of the property portfolio.
On financing the development through STB, Robert Woodcock, said: "I was introduced to John 18 years ago when he directed the finance of two high quality developments in Hertfordshire. John and the wider STB team are extremely easy to get on with, they tackle challenges with valuable input which felt like a real breath of fresh air when compared to my previous experience working with high street banks. I would very much like to work with them again, continuing the strong relationship we have built."
John O'Leary, Senior Relationship Director at Secure Trust Bank Real Estate Finance, said: "The project has been an extremely rewarding one, with three well-made, stunning houses to show for it. Robert at Ferndale is fantastic to work with, can turn his hand to anything and understands the requirements of these special properties, given that he specialises in assets that are Grade II listed, are in conservation areas, or have archaeological significance. The process was smooth, and I'm glad we could offer our counsel throughout the process."
The properties were marketed through prime residential properties estate agents, Fine & Country and local estate agents, Steven Oates.
For more information about Secure Trust Bank Real Estate Finance, please visit Secure Trust Bank - Real Estate Finance.