Dudley offices converted into affordable housing after Lloyds investment
A disused office block in Dudley has been given a new lease of life after it was converted into apartments following a £255,000 investment from Lloyds Bank Commercial Banking.
The financial package, supplied to Dudley based Local Run (Building) Limited, helped to fund the transformation of the former council offices on St James Road into ten new two-bedroom flats.
As well as the full refurbishment of the property, the project also featured two significant extensions, helping to meet demand for good quality housing within the town centre. The building was acquired from Dudley Council with planning permission for the new residential properties already in place, helping to make it an attractive proposition for the firm.
The project was aided by Lloyds Bank's participation in the Government backed Funding for Lending Scheme, through which businesses can receive competitively priced lending.
Having built its reputation as a decorating contractor, Local Run moved into property investment and redevelopment in 2013, with a focus on renovating disused buildings in the Black Country and turning them into affordable housing propositions.
As well as funding the cost of the redevelopment of the project, the Lloyds Bank investment also enabled it to provide full-time roles to 25 staff, meaning that management did not have to turn to contractors to complete the work.
Local Run, said: "We're pleased to have completed this exciting project, which has enabled us to create new jobs whilst also increasing the amount of affordable homes available here in Dudley.
"The Funding for Lending Scheme has been particularly helpful in allowing us to manage the costs of this scheme, and we are well placed to take on new projects in the region, and continue our growth going forward."
Oliver Dallaway, relationship manager at Lloyds Bank Commercial Banking, said: "We're committed to supporting small and medium businesses with ambitions to expand, and have underlined this with a pledge to grow our lending by £3billion in the three years to 2017.
"Local Run is a great example of a business which has a clear plan to expand, helping to provide quality, affordable housing, whilst boosting local employment. We look forward to our continued work with them in the months and years to come."
