A Cheshire developer has transformed a dated bungalow into a £2m executive home highlighting continued appetite for heavy refurbishment projects supported by specialist development finance.
Charles Street Finance provided a £900,000 development facility to fund the scheme in Northwich, backing a strategy centred on maximising plot value through extension and repositioning.
The project, led by James Weston of Spencer Weston Investments, involved the acquisition of a 1970s bungalow for £550,000 in 2024, followed by a 10-month build programme costing £630,000.
Rather than ground-up development, the scheme was delivered under permitted development on a green belt site – remodelling and significantly extending the existing structure to create a five-bedroom home with high-spec internal space and additional outbuildings.
REFURBISHMENT STRATEGY
The finished property, known as Oakes, includes a detached garage, gym and games room, alongside landscaped gardens, reflecting a clear shift toward premium, lifestyle-led residential assets.
The deal highlights the ongoing strength of refurbishment-led strategies, particularly where planning constraints limit new-build opportunities but existing assets offer scope for value uplift.
Projects of this nature continue to rely on speed of funding and certainty of execution, particularly where developers are working to tight build schedules and targeting high-end resale or long-term hold strategies.
ADDING VALUE
Weston says: “The Linnard’s Lane site offered an exceptional opportunity to add value and create a substantial executive home through upgrading an existing building with a sympathetic design to provide a superior living space.
“I wanted to work with a finance partner that could support my vision, deliver a lending decision at pace along with assurance of funds to complete the development to planned timeframes. I’m pleased to have worked with Charles Street on the project.”
GREAT OPPORTUNITY
Tom Garthwright, development finance property manager at Charles Street Finance, adds: “Working with James and his full team has been impressive.
“From the outset it was clear that James had spotted a premium opportunity to breathe new life into an existing building and his skill at delivering premium developments is evidenced in his portfolio. We were delighted to fund the project and bring this new customer’s ambition into a reality.”
With planning constraints, land availability and build costs continuing to shape developer strategy, schemes that unlock value from existing sites are likely to remain a core part of the bridging and development finance pipeline.
