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Work to convert a former office building on Oxford Road in Newbury into apartments has been completed.
Developer Redbrick Group has transformed the 1980s building into a 42 studio rental apartment scheme, called Redbrick House, having acquired the property in 2017.
Secure Trust Bank Real Estate Finance (STB REF) provided a £3.6m loan to Redbrick Group for the conversion. The bank has committed £100m specifically to assist SME housebuilders and property developers to get their projects off the drawing board and on to site, with flexible loans of £1m - 5m.
Nicholas Wallwork, director of Redbrick Group, said: "We are pleased to bring some very high-quality studio apartments, rented at an affordable price, to Newbury Town Centre. The new units will give the town some much needed accommodation for the single professional sector, who are otherwise left to use hotels, BnBs, rent with other housemates or even fork out for more expensive one or two-bed apartments, which are often out of their price range.
"The apartments are perfectly designed and many of the penthouses on the top floor have stunning views across the Berkshire countryside."
Richard Nowell, senior relationship director at STB REF, said: "The directors of Redbrick Group have excelled in the permitted development market over recent years, converting vacant commercial assets into high quality and price sensitive rental accommodation.
"With limited rental supply in the immediate area there is every reason to be optimistic about its future success. We're also pleased to see local contractors employed to undertake the works required."
STB's national real estate team provides lending facilities of £1m-45m to residential and commercial property developers and investors, from SME housebuilders to UK-based funds.