This development loan is to assist with the conversion of an old, disused public house into seven apartments, plus a mixed-use amenity space, in the seaside town of East Wittering, in Sussex. The developer purchased the site several years ago, and has already completed the development and sale of a number of detached houses in what used to be the grounds and car park of the pub. Now that is complete, planning permission has been obtained for the conversion of the pub itself, which we expect to take around 6-8 months to complete. We expect the repayment of our loan to come from the sale of the apartments.
