Investec Real Estate has agreed to provide Blue Coast Capital, and their development partners, RER, with a €26.7m (£23.7m) senior facility to fund the development of 56 residential apartments for sale, on the site of the Grade-II listed former Richmond Royal Hospital, south-west London. RER, a London focused residential developer, will act as development manager for the project.
The facility will fund a full refurbishment of the building, which was originally built as a private residence in 1882 before being converted into the Richmond Royal Hospital in the twentieth century, with the converted South and North wings undergoing a more comprehensive redevelopment. 56 high-end private apartments, a mix of one, two and three-bedroom units will be provided, alongside a proportion of affordable housing.
Barney Kelham, Managing Director at Blue Coast Capital, commented: “The residential development sector remains a key focus for Blue Coast Capital and we are delighted to be working with RER and Investec on this project. We look forward to delivering 56 exceptional apartments in this prime residential location.”
Joshua Weinstein at Investec commented: “The residential sector, both for sale and rent, has demonstrated its resilience over the past 12 months and is a high conviction sector for us in 2021. It’s great to be starting the new year funding this unique project. We were once again able to demonstrate our ability to provide flexible financing solutions on challenging sites. This is our first loan with Blue Coast Capital and RER, who both have significant expertise in the real estate sector, and we look forward to working with them again in the future.”
