Sycamore Estates

Building on success

Sheffield developer gives new lease of life to disused church

Paul Singh established Sycamore Estates. He began building a private property investment portfolio 15 years ago, quitting his managerial day job to run the company full-time in 2008. Having originally focused on purchasing residential properties for letting, the company began to branch into property development around seven years ago. After the completion of several other projects the company purchased the Birley Carr Methodist Chapel on Fox Hill Road in early 2013.

The Birley Carr chapel is a landmark building and restoring it to its former glory has been an immensely satisfying experience and it looks set to be one of our most popular properties.

Paul Singh, Owner, Sycamore Estates

Restoring a local landmark

After purchasing the Birley Carr Methodist Chapel and drawing up the conversion plans, Paul realised he would need to secure additional funding in order to complete the project.

 

While the past few years have been a difficult time for much of the UK property market, it has offered a large number of opportunities for any firms looking to purchase and hold-on to rental properties rather than those looking to sell them on.

Paul Singh, Owner, Sycamore Estates

Building blocks for growth

Paul approached Lloyds Bank Commercial Banking for the Government-backed Funding for Lending Scheme loan to purchase the building, having received similar support for previous expansion projects. Through the FLS customers receive a one per cent interest rate discount on all new loans and hire purchase facilities.

The addition of the Birley Carr chapel will bring the number of residential units the company owns to 150, and is expected to boost its current turnover of around £750,000 by up to 10 per cent.

There’s a huge demand for quality housing, especially from young professionals who work in the area, while at the same time there is a large volume of existing housing stock across the country that has been neglected for some time. Renovating these properties into attractive homes can also help to improve the surrounding area and help to uplift local communities, and in the case of Birley Carr, save local landmarks for future generations.

Ken Davies, SME Banking Relationship Director, Lloyds Bank Commercial Banking

Finding the right package

Lloyds Bank Commercial Banking is committed to supporting SMEs across the country. The team of dedicated relationship managers all have a deep understanding of how best to guide growing businesses, and are well-placed to discuss what options will best aid a firms growth.

As part of our commitment to helping SME property firms to thrive and expand we have committed £5 billion to SMEs through the Funding for Lending Scheme since September 2012.

Ken Davies, SME Banking Relationship Director, Lloyds Bank Commercial Banking

Finding the right package