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Coventry developer sits pretty after securing seven figure loan from Lloyds Bank

23 August 2021
The Business Magazine article image for: Coventry developer sits pretty after securing seven figure loan from Lloyds Bank

A Coventry-based residential property developer has completed work on a new luxury development outside the city, with support from Lloyds Bank.

The Old Saw Mill Developments Ltd has opened the doors to eight new luxury properties after using a seven-figure loan from Lloyds Bank to renovate a former furniture workshop between the villages of Allesley and Meriden, on the outskirts of Coventry. All of the properties have now been sold and seven purchasers have now moved into the properties.

The two-acre site was previously home to The Sitting Firm, which has made furniture for the Royal family, but had been looking to relocate its operation. The new development is centred around the structure of the existing building.

Each of the buildings has been designed to be as energy efficient as possible, fitted with triple-glazed windows and internal insulation. The properties have also been installed with a Green Star boiler, which can be fuelled using hydrogen, standing them in good stead as the UK looks to increase its supply of energy from more sustainable sources.

Simon Grove, director at Old Saw Mill Developments, has thirty years’ experience in architecture and his firm SPG Design Ltd played a key role in designing the properties and securing both planning and building control approvals and full site attendance.

He said: “The site is in an absolutely ideal location. It is an increasingly attractive area as more people seek rural living with good commuter links into the city, and the site itself has a rich history. It was too good an opportunity to pass up and we’re delighted to be welcoming our first buyers.

“The pandemic delayed our progress by up to three months but having the Lloyds Bank team by our side gave us the confidence we needed to complete the development without any concerns. Their knowledge and expertise was vital and we’re sure it will help us as we look for new opportunities in the future.”

Nigel Johns, Relationship Director at Lloyds Bank, said: “Simon and the team at Old Saw Mill Developments have vast experience and a strong reputation in the industry, and the new luxury developments have helped to breathe new life into the site.

“Projects like these are vital to the ongoing development of the area and we will continue to support other Coventry firms as we look to help the business community in the area prosper.”

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.

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