GUMO deal packs · 3 PD conversion case studies — Print / Save as PDF for hard copies
Prepared for the Castle Trust board

Three PD conversion deals —
found & underwritten in minutes.

Each of the following is a real UK conversion scheme, sourced and fully underwritten on GUMO from public data in minutes — the complete deal pack a lender needs, minus only the external valuation and QS monitoring report.

✦ Sourced & underwritten on GUMO
01
Chiswick Tower — 389 Chiswick High Road, London W4
Live deal · office/commercial → 23 flats · prime West London
02
Victoria Mills — Atkinson Street, Hunslet, Leeds LS10
Seasoned mill-to-residential converter · 30-year sponsor
03
Alexander House — 94 Talbot Road, Stretford, Manchester M16
Office → residential permitted development · GDV evidenced by realised sales
From Redbourne Capital · Hank Zarihs Associates Powered by GUMO Basis Illustrative credit studies · public data + GUMO AVM estimate
GUMO · Redbourne CapitalPrivate & confidential
Scheme 01 · Chiswick Tower W4

1 Deal summary

BorrowerChiswick Tower Limited
Company no.14274633 · Active
Scheme23 flats, co-working, shared living
Floor area21,674 sq ft
Use-class changeConversion + part demolition
PlanningGranted 2025 (P/2025/0794)
ProgrammeStart Aug 2026 · finish Mar 2028
Incumbent debt~£23.9M (A.S.K. Partners + KSeye)
Indicative facility — Redbourne / Castle Trust conversion product
Day-one net
80%
Capped at
70% GDV
Exit — break-up
70%
Exit — block
90%
Day-one advance refinances the incumbent bridge (~£23.9M) and funds the fit-out; sized to 80% net of current value (AVM ~£29.05M) and capped at 70% of GDV — GDV subject to full development appraisal & RICS valuation.

2 Credit summary

Sponsor. The SPV is young (inc. Aug 2022), but the sponsor is not: sole director Dov Cohen holds 5 active directorships including SEAD Properties Ltd (since 2005 — a 20-year property track record). Underwrite the asset and the sponsor, not the SPV's mid-project P&L.

Security & exit. First charge over a prime Chiswick High Road site (title AGL17070), purchased at arm's length for £28.0M in May 2024. Exit via the term take-out on the 23 completed flats, with strong West London end-values (comps £400k–£800k+).

Strengths

  • Prime, liquid W4 location; consented scheme
  • Experienced 20-yr sponsor behind the SPV
  • Recent £28M arm's-length purchase anchors value
  • No CCJs / adverse on the company

Risks & mitigants

  • SPV net assets negative — mitigant: asset/sponsor-based underwrite, director support
  • GDV not yet modelled — mitigant: RICS GDV before day-one draw
  • Incumbent bridge stack — mitigant: day-one refinances it
  • Build not started — mitigant: staged drawdown + QS monitoring
Indicative view: proceed to full appraisal. Strong location, consented scheme and a seasoned sponsor; conditional on a satisfactory RICS GDV and QS-monitored drawdown.

3 Valuation — GUMO AVM

£29.05M
GUMO AVM · current value
MethodDirect sale (arm's-length anchor)
Purchase price£28.0M · May 2024
ConfidenceLow
Note: AVM anchors to the recent £28M purchase, so current value is well-supported; the GDV of the completed conversion is not yet modelled and must be established by RICS appraisal against the consented 21,674 sq ft scheme. An alternative design (larger option) exists for the site.

4 Comparables — W4 flats (2026)

ComparablePriceNote
Chiswick High Road, W4£956,000upper end
Marlborough Road, W4£775,000mid
Chiswick High Road, W4£675,000mid
W4 cluster (multiple)£400k–£800kcore range
Comparable sales in W4, 2026. Floor areas not published on these rows, so £psf is not directly derived; end-values support a strong resi GDV for a 23-unit prime-Chiswick scheme.

5 Company report — Chiswick Tower Limited

Incorporated02 Aug 2022
Type / statusPrivate ltd · Active
SICBuy/sell & manage own real estate
StructureSingle-asset SPV

Latest accounts (to 30 Mar 2025): stock / WIP (the site) £32.3M · long-term liabilities £23.875M (the facility) · cash £1k · net assets −£0.89M. Typical SPV mid-project balance sheet.

Directors & exposure: Dov Cohen (sole director) — 5 active directorships: SEAD Properties Ltd (2005), Homeguard Properties Ltd, Beda Eagle Ltd, Seng Ltd. Charges: 4, all outstanding over title AGL17070 — A.S.K. Partners ×3 (Apr 2024 / Dec 2025 / Mar 2026), KSeye Capital (Apr 2024). Adverse: none.

GUMO Deal Pack · Chiswick TowerIllustrative · public data + GUMO AVM (estimate) · not a lending offer or RICS valuation
Scheme 02 · Victoria Mills, Leeds

1 Deal summary

BorrowerJ M Construction (Leeds) Ltd
Company no.03093342 · Active
Scheme327 flats (mill conversion)
Use-class changeConversion + refurbishment
PlanningGranted (17/03765/LI)
StatusCompleted 2017 → 2021 (exemplar)
Incumbent (scheme)Shawbrook Bank (title YY162987)
Sponsor est.Trading since 1995
Indicative facility — as GUMO would have underwritten it
Day-one net
80%
Capped at
70% GDV
Exit — break-up
70%
Exit — block
90%
Day-one funds the mill conversion; term take-out on the 327 flats at ~£224 psf (AVM/comps-triangulated). A completed scheme — shown to prove GUMO reconstructs the full underwrite on a real conversion.

2 Credit summary

Sponsor. J M Construction (Leeds) Ltd — trading since 1995 (30 years), 13 employees, development of building projects. Director John Mulleady (since 2001) runs a small Leeds development group (Corn Hill Property Ltd, JM Developments (Fearns Wharf) Ltd). A genuinely seasoned, well-capitalised sponsor.

Financials & conduct. Net assets grew £3.59M (2019) → £5.42M (2024); consistently positive; modest gearing. A long, clean bank / development-finance relationship history and zero CCJs.

Strengths

  • 30-year sponsor; net assets £5.42M and rising
  • Active dev-finance borrower (Shawbrook, Zorin, Westwood)
  • Zero CCJs; long clean bank history
  • Scheme security corroborated (Shawbrook charge names the exact title)

Risks & mitigants

  • Turnover not filed (small-co exemption) — mitigant: strong NAV + management accounts
  • Large unit count / absorption — mitigant: staged sales + block-sale fallback
  • Source unit-count discrepancy (232 vs 327) — verify on appraisal
Indicative view: strong sponsor, clean file. The profile a specialist lender wants — seasoned converter, positive NAV, no adverse. Proceed subject to GDV and current management accounts.

3 Valuation — GUMO AVM

£224
per sq ft · scheme AVM anchor
MethodMulti-unit yield
Related title (Fearns Wharf)AVM £4.40M vs £4.20M paid
ConfidenceMedium
Note: £223.66 psf applied by the AVM on the scheme security title (YY162987) triangulates with LS10 comps below (£205–£242 psf). GDV = £psf × the consented saleable area, to be confirmed on RICS appraisal.

4 Comparables — LS10 flats (2026)

Comparable£ psfNote
The Boulevard, LS10£242upper
Goodman Street, LS10£224mid — matches AVM
LS10 cluster£205–£242core range
Scheme AVM applied£223.66within range
LS10 comparable flats, 2026. £psf triangulation is tight — the AVM sits squarely inside the live market range.

5 Company report — J M Construction (Leeds) Ltd

Incorporated1995 (30 yrs)
Type / statusPrivate ltd · Active
SICDevelopment + civil engineering
Employees13
Financials20192024
Net assets£3.59M£5.42M
Cash—£0.85M
Stock / WIP—£4.42M
Long-term liabilities—£2.16M

Directors & exposure: John Mulleady (dir. since 2001) + Linda Penny — also Corn Hill Property Ltd, JM Developments (Fearns Wharf) Ltd. Charges: 23 total, 7 outstanding — Shawbrook (the scheme), Zorin, Westwood Capital, Business Lending Residential; satisfied history incl. RBS, Bank of Scotland, HSBC. Adverse: none.

GUMO Deal Pack · Victoria MillsIllustrative · public data + GUMO AVM (estimate) · not a lending offer or RICS valuation
Scheme 03 · Alexander House, Manchester

1 Deal summary

DeveloperBlueoak Estates Limited
Company no.04764161 · Active
Scheme116 flats (office → resi)
ConsentPrior approval / PD (100392/PRO/20)
StatusCompleted 2022–23 · units sold 2023–25
Project value£22.0M
Realised values£269–£416 psf (own sales)
Sponsor est.Incorporated 2003
Indicative facility — the textbook conversion product
Day-one net
80%
Capped at
70% GDV
Exit — break-up
70%
Exit — block
90%
A pure office-to-resi permitted-development conversion — exactly the target product. GDV is not estimated here — it's evidenced by the scheme's own realised sales (£269–£416 psf; Block A block-sale £6.16M, Dec 2023).

2 Credit summary

Sponsor. Blueoak Estates Ltd (inc. 2003) — a profitable trading developer, not a single-asset SPV. Director Mark Roberts holds 10 active directorships across a large NW development group (Rula Developments, Rula Homes, Coda Investments, LCA Group). Deep, evidenced developer capability.

Financials & delivery. Turnover £21.9M → £29.3M → £16.2M (2021–24) with pre-tax profit ~£1.0–1.3M every year; net assets £1.26M → £4.43M. Institutional/public funding relationships (Homes England, GMCA). The conversion was delivered and the units sold — the exit is proven, not projected.

Strengths

  • Profitable trading developer (£16–29M t/o)
  • Textbook office-to-resi PD; delivered & sold
  • GDV evidenced by actual sale prices
  • Homes England / GMCA funding pedigree

Risks & mitigants

  • One CCJ £212, satisfied Nov 2021 — trivial, disclosed for completeness
  • Security likely held in a project SPV — confirm borrowing entity on appraisal
  • Absorption on 116 units — mitigant: proven block-sale route
Indicative view: the exemplar deal. Profitable sponsor, genuine PD conversion, and an exit evidenced by realised sales — the profile the conversion product is built for.

3 Valuation — evidenced by realised sales

£269–416
per sq ft · realised unit sales
BasisActual HMLR sale prices
Block A block-sale£6.16M · Dec 2023
ConfidenceHigh (realised)
Note: unusually strong — GDV is not an estimate but the scheme's own registered sale prices. The most defensible valuation of the three.

4 Comparables — the scheme's own sold flats

UnitPrice£ psf
Apt 511£260,000£416
Apt 911£204,800£328
Apt 907£156,800£339
Block A (bulk, Dec 2023)£6.16M—
These are the actual registered sales of Alexander House units (2023–25) — the strongest valuation evidence a lender can have: the asset has already sold at these values.

5 Company report — Blueoak Estates Limited

Incorporated2003
Type / statusPrivate ltd · Active
SICConstruct domestic + buy/sell/let real estate
Latest cash / stock£2.0M / £19.1M
Financials202020212024
Turnover—£21.9M£16.2M
Net assets£1.26M—£4.43M
Pre-tax profit~£1.0–1.3M p.a.✓✓

Directors & exposure: Mark Roberts (10 directorships — Rula Developments/Homes, Coda Investments, LCA Group, Macodape) + Iain McLean + Thomas Williams. Charges: 17 total, 2 outstanding — Quantum Development Finance, Homes England; history incl. Lloyds, GMCA. Adverse: one CCJ £212, satisfied 18 Nov 2021.

Link caveat: the Barbour developer link (Blueoak = client) and site-address match are solid, but Blueoak's own registered charges are Cheshire-based — the specific Manchester security was likely held in a project SPV, so the exact borrowing entity should be confirmed on appraisal.
GUMO Deal Pack · Alexander HouseIllustrative · public data + GUMO AVM (estimate) · not a lending offer or RICS valuation