Finance deal secures new future for Cumbrian gem
17th September 2020, 9:40 am
Cowgills has secured £1.5m funding from the United Trust Bank for the purchase of the Grade II listed Ashmeadow House in Arnside, Cumbria. The deal will see the historic building converted by the new owners into 10 luxury apartments.
The property, which overlooks the Kent Estuary and Lakeland fells beyond, has been acquired by Knutsford-based property investment company Pulse Prestige Properties.
Commenting on the acquisition Richard McGawley of Pulse said: “I’ve known this property for over forty years having grown up in the local area and knew it was in the perfect location and setting for a residential conversion of this nature. We are delighted to have secured this funding through Cowgills from United Trust Bank which has enabled us to undertake our first acquisition in the area.
He continued: “Given its rich history and location Ashmeadow House is probably the best known building in Arnside. Despite having numerous owners in recent years it still retains many of its original features including a superb staircase with oak handrail and ornate wrought iron balustrade, with a stunning oval stained glass lantern skylight above. We will be retaining all of these superb features and look forward to embarking on a sympathetic yet transformational renovation programme.”
Commenting on securing the funding for the deal Cowgills property finance director David Rainford said: “We specialise in having a close relationship with a select number of lenders such as United Trust Bank who can make swift decisions on deals such as this. This is a beautiful property and under Pulse’s ownership I look forward to seeing this superb building renovated for future generations of people to enjoy.”
Richard added “We have worked with David at Cowgills from the inception of this project and his advice and input has been critical in finding us the right funding partner and getting this deal across the line which was all the more challenging as much of the transaction detail was finalised during lockdown.”
Built in 1818 for local businessman William Berry, Ashmeadow House had for many years been a boarding school for boys and was more recently converted into retirement accommodation by its last owner, Crossfield Housing Arnside Society.
Pinington Construction have been appointed to deliver the refurbishment works which will start on site in September with a target completion date for Spring 2021. Planning and design work was handled by NW Architects with the structural design by Paul Waite Associates and RN Humphreys Associates acting as Project Manager.
Pulse Partnerships is now actively looking for more development opportunities in the South Lakes.
Cowgills is one of the North West’s leading chartered accountants and business advisory firms. Established in 1983, our clients are located across the UK but predominantly in the North West and are serviced by teams from our head office in Bolton on Chorley New Road and our Manchester office located in the XYZ Building in Spinningfields.
Sector specific in our approach, the firm is led by a team of 14 partners and over 180 staff. We specialise in a full range of business advisory services including corporate finance, tax, audit, business recovery and wealth management. We focus on supporting SME and entrepreneurial clients across the region and nationally.
The firm has seen tremendous growth over the last ten years which has been achieved by acquisition and organically through the investment and development of our staff.