Lincoln residential developer Bastien Jack Limited has completed the purchase of its latest project, which will see offices in the centre of Horley, Surrey, transformed into apartments.
The £7.1 million development at Saxley Court has got off the ground entirely through crowd-funding, where capital is raised with monetary contributions from a large number of people.
Bastien Jack, which has its head office at Doddington Road in Lincoln, specialises in filling the void of smaller developers who can’t get the finance they need to complete their projects. It has developments across the South East and South West.
At Saxley Court, Bastien Jack has purchased a 15,000 square foot part office, part retail building with a large car park just minutes from Gatwick Airport.
Existing ground floor retail units will be remodelled for ongoing retail use, while the floors above will be converted into apartments. This will link to a new-build five-storey building containing 43 apartments.
Residential accommodation is in short supply in the area, and over half of the proposed apartments have already been sold, with the remainder for sale through local agents.
Sarah Miles of Langleys Solicitors in Lincoln advised Bastien Jack on the purchase.
Bastien Jack managing director Mick Rawlinson said: “As with all of our developments, Saxley Court is ideally located for commuters, and is in an area where demand for housing is high. We’re therefore not surprised that many of the apartments have been snapped up before they’ve been built.
“We’re looking forward to the start of construction works, and we were pleased to once again rely on Langleys’ advice and expertise in completing the purchase.”