Midland property developer Hama Investments has created 30 jobs after securing a £590,000 loan to help complete the construction of a luxury apartment block.
The firm has secured the funding from Lloyds TSB Commercial to convert a former 1920s college building in Oakengates into 14 exclusive apartments in a £1.4 million project.
After being granted planning permission, the firm started the conversion into a mix of seven two-bed and seven three-bed properties.
The first two show-flats will be completed by mid-May, but there are currently six plots already reserved at the development.
Local workers will be employed to provide cleaning and landscaping services upon completion of the site.
Hama Investments has employed 30 local craftsmen to help transform the building, which will feature luxury leisure facilities including a pool, hot-tub, sauna and a state-of-the-art gym available exclusively for residents.
Angie Kousoulou, project manager for Hama Investments, said: “As soon as we found the old college building we knew that it was the perfect site for us to create affordable luxury housing for Telford residents, and the apartments have been designed to such a high standard that nearly half have been reserved off-plan.
“We were able to preserve the beautiful character of the old college building, and throughout the project the backing from the local community has been fantastic. We expect the site to be completed by January 2013, and we are constantly looking for investment opportunities across the Midlands.”
Harvey Sandford, relationship director at Lloyds TSB Commercial, said: “Hama Investments is well known across Telford for delivering quality, modern developments that regenerate and inject investment into local communities.
“This project has redeveloped an unused building into 14 stunning apartments ideal for young families and professionals whilst also creating a host of long-term employment opportunities.
“Lloyds TSB Commercial has a strong team of specialist property relationship managers whose comprehensive understanding of the sector allows the bank to offer tailored support and guidance as SMEs like Hama Investments look to expand.”