The Project
We acquired this office building which was located in one of the oldest streets in London for an existing client. The former owner had gained a planning consent to convert the building into 7 apartments and 2 commercial units.
Our client was an experienced developer but at the time they had their money tied up in another development project and cash resources in order to purchase and develop this new project were limited.
We successfully negotiated a senior debt development facility with a well-known development finance provider and also arranged for mezzanine finance at a competitive rate. Overall the development facility was 65% of GDV (80% of cost).
The location of these units was very desirable for Buy to Let and the units sold exceptionally well with the client retaining the commercial units for long term investment.
The development won the a ‘highly commended’ award in the best conversion category at the London Evening Standard New Homes Awards in 2015.
