Enfield Development Finance: 2 Unit Residential Scheme at 24 Gloucester Road London N18 1HL Enters the Pipeline

An application at 24 Gloucester Road, London N18 1HL, is now sitting with the London Borough of Enfield awaiting a decision. Reference 26/02554/FUL, logged with the council on 16 June 2026, seeks permission to convert a single dwelling house into two self contained flats, with a single storey rear extension to support the new layout. It is a small scheme by unit count, but it is exactly the kind of project our enfield development finance desk sees week in, week out: a straightforward house-to-flats conversion that needs the right funding structure to actually get built.

This is a modest addition to the wider Enfield pipeline. Two units from a residential conversion will not move borough-wide housing figures on its own, but schemes of this size make up a large share of what actually gets delivered in outer London boroughs like Enfield, where large-scale sites are harder to assemble and small sponsors do most of the volume. We track applications like this one alongside the rest of the borough's activity on our Enfield location page, which gives sponsors a fuller picture of what is moving through the local planning system.

On the numbers, we estimate a gross development value of around £600,000 for the completed scheme, based on the proposal details on the planning register. That figure matters because it sets the ceiling for how a lender will size the debt. A conversion and extension project of this scale typically sits in specialist commercial lender territory rather than mainstream buy to let, given the works involved and the change of use from single dwelling to two flats. Sponsors should expect funding to be split between build cost finance for the extension and internal reconfiguration, and a bridging or development facility that runs from planning consent through to practical completion.

Our read as brokers is that the finance conversation should start well before a decision notice lands. Lenders assessing a scheme like this will want to see the numbers behind the £600,000 GDV estimate stress tested against build costs, professional fees, and a realistic contingency, not just a headline valuation. They will also want an exit plan on day one: sale of both flats, refinance onto term debt, or a mixed approach if one unit is retained. Challenger banks and bridging specialists active in this part of north London tend to move fastest when a sponsor can show planning progress, a fixed price build contract or detailed cost plan, and a credible sales or refinance route already mapped out.

For sponsors with schemes of this type anywhere in the borough, the practical steps are the same regardless of address. Get a build cost plan finalised before approaching lenders rather than after, because vague costings slow down every facility we place. Line up a valuation early, since a £600,000 GDV estimate needs an RICS figure behind it before terms can be firmed up. And decide the exit route before drawing any facility, because bridging and development lenders price risk differently depending on whether the plan is a sale or a refinance. Our desk is tracking this application through to decision and can talk through funding structures for comparable Enfield conversions now, rather than waiting for consent to be granted.