Victorian House to 4 Flats Conversion, Camberwell

The Challenge

A first-time developer purchased a large detached Victorian house on Grove Lane in Camberwell with planning permission to convert it into four self-contained flats — two two-bedroom units and two one-bedroom units. The property sat on the edge of the Camberwell Grove conservation area, meaning the external appearance needed to remain largely unchanged, including retention of the original sash windows, decorative brickwork, and front boundary wall. The developer had purchased the property with personal savings and a small family loan but needed development finance to fund the conversion works. As a first-time developer, finding a willing lender at reasonable terms proved challenging, with several high-street lenders declining outright.

Our Solution

The facility would typically be placed with a specialist lender that operates a dedicated first-time developer programme, accepting applicants who demonstrate strong project understanding even without a prior track record. We arranged £850,000 at 62% LTC on a 10-month term. Critically, we helped the developer prepare a comprehensive project pack including a detailed scope of works, a letter from their appointed contractor confirming the fixed price, an independent valuation supporting the GDV assumption, and a schedule demonstrating how the conservation area conditions would be met. The lender was satisfied that the developer had assembled an experienced professional team including a conservation-accredited architect and a contractor with local references.

The Outcome

The conversion completed in 9 months, one month ahead of schedule. The four flats were finished to a high specification that honoured the Victorian character — period-style cornicing, restored original fireplaces, and timber sash windows throughout. The two two-bedroom flats sold for £475,000 and £460,000, while the two one-bedroom flats achieved £365,000 and £350,000, bringing total GDV to £1.65 million. The developer's net profit after all costs was £185,000 — a strong return for a first project that also demonstrated the viability of conservation-sensitive conversions in Camberwell.