Saturday, May 28, 2022

Newcastle UK building to be converted into luxury apartments

Newcastle UK building

Indo Developments and Claremont Place Ltd have kickstarted the conversion of Claremont House into apartments after securing a £1m funding package from Lloyds Bank

Newcastle property developers are to covert a historic UK city centre building into luxury apartments after securing a £1m funding package.

Indo Developments and Claremont Place Ltd have kickstarted the conversion of Grade II-listed Claremont House into 11 apartments with the help of the seven-figure finance deal from Lloyds Bank.

Based close to the RVI and Newcastle University’s School of Medical Education, the development is set to complete in March 2021.

The flats will be marketed to pre-registration medical students and local hospital staff, who can take advantage of their proximity to the city’s key medical hubs.

Founded in 2019, Indo Developments is run by director Vishal Jerath and specialises in residential conversions. Most recently, it project-managed two 27- and 46-bed apartment schemes in Newcastle city centre, and a development of four luxury apartments in the Jesmond area.

Now, with support from Lloyds Bank, Mr Jerath and the directors of Claremont Place are focusing on bringing the currently derelict Claremont House back to full use.

The project is creating around 50 jobs, with local subcontractors appointed based on their expertise in working on heritage properties.

Mr Jerath, director at Indo Developments, said: My family’s business has enjoyed a long-standing relationship with Lloyds Bank, so we knew we could rely on the team to provide the support and flexibility required to deliver this ambitious development.

As Claremont House is a listed building, we needed to bring in specialist skills and expertise to protect and enhance its heritage, while creating modern, high-quality living spaces for the city’s medical professionals – which is especially important in a year when they have faced such pressures as a result of the pandemic, he said.

Mike Gascoigne, relationship director for Lloyds Bank, said: This development has enormous potential and benefits for the local economy. As well as providing much-needed accommodation for key workers, it is helping to regenerate a key brownfield site.


The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply