FRP secures £1.43m bridge to convert grade II listed Swansea smelting shed into 12 homes

05 November 2026

The Real Estate Advisory team at FRP has arranged a £1.43m heavy refurbishment bridge to convert a Grade II listed former smelting shed in Swansea into 12 apartments. The borrower plans to let the apartments on a buy-to-let basis once the works are complete.

The 18-month facility was structured at 65% LTV and funds the refurbishment of a building with a footprint of around 600 sq m. The shed is part of the former Upper Bank Works, founded in the mid-18th century.

The shed is not an isolated case in Wales. Swansea was once the world centre of copper smelting, yet few of the structures from that era remain, and Cadw estimates that between 8.5% and 9% of the country’s 30,119 listed buildings are at risk. Before homes can follow, a listed building has to be repaired and adapted within conservation requirements, which makes these schemes harder to fund. At Swansea, that stage is what the £1.43m funds, ahead of conversion into residential units.

Sam Beaumont, Finance Advisor, led the transaction in the Real Estate Advisory team at FRP. Few lenders have the appetite for a Grade II listed building: specialist valuations and additional checks are often needed, resale can be harder if a loan runs into difficulty, and energy efficiency standards can be harder to meet where conservation rules limit changes, which matters for homes intended to be let. A former smelting site adds environmental and contamination risk on top. With so few lenders to approach, Sam had to work through the market to find one willing to back the scheme.

Sam Beaumont, Finance Advisor at FRP, commented:

“Listed buildings throw up questions that a lender needs answered early, and a lot of the work on this one happened out of sight, long before the homes were visible. There was plenty to work through between the valuation and completion, so my job was to stay close to everyone involved and keep things moving, so the lender could lend with confidence. This shed has stood in Swansea for more than 200 years, and it is a great feeling to see it turned into high quality housing.”