CONSTRUCTION work has begun at a Taunton office block that is set to be turned into 55 self-contained apartments.

Workers are on-site this week to start the development at 1 Tangier Central, a gated community that features several other offices, including the County Gazette's base.

An area outside the office block has been partitioned off to allow for work equipment and workers toilet.

The footpath that leads through to Tesco is still in use for workers in the adjoining offices.

It is anticipated that all the homes should be ready to be occupied within 10 to 12 months of the commencement of the scheme.

Somerset County Gazette: Tangier Central building work

In July, it was confirmed that £5.055million had been raised by investors in order for the developer, Sourced Capital, to begin their project.

The loan will be used to purchase and develop the building and has a term of 18 months to accommodate the development and sales periods, with a loan to gross development value of 67 per cent.

The targeted interest rate return for investors is 12 per cent per annum for investments over £20,000.

Sourced Capital commercial director Derek Pratt said in July, there has been huge demand from investors in the most recent loans launched by the company, which is directly authorised by the Financial Conduct Authority (FCA).

Prior to the Taunton loan, the two most recent deals launched on the Sourced Capital investment platform were funded in record time.

Mr Pratt added: "We are delighted to announce the closing of our most recent investment opportunity, which provided more qualified investors than ever the opportunity to invest in an increasingly popular asset class."