Grainger, the UK's largest quoted residential property owner and manager, announces that it has started construction at Macaulay Walk, its mixed-use development on Macaulay Road, Clapham Old Town, London, which will comprise 97 residential units and 30,000 ft² (approx. 2,787 m²) of office space.
The scheme has been financed through a mixed-use development loan from HSBC.
The scheme will have a gross development value of £60 million (approx. 76 million), and is expected to be completed in early 2014.
The scheme has been financed through a mixed-use development loan from HSBC, a major UK lender, which is secured against the site, and the presale of 32 of the residential units to Network Stadium Housing Group.
The development is located on the site of the former Ross Company's optical works, and will consist of the conversion of historical buildings combined with contemporary architecture.
The residential element of the development will comprise one, two and three bedroom houses and flats, with interiors designed by award winning residential specialists MMM Architects. The designs will highlight many of the buildings' original features, including the decorative brickwork and Victorian ironwork, to create unique and stylish Central London living accommodation.
Commenting, Andrew Cunningham, CEO of Grainger, said: "Macaulay Walk is an exciting scheme for Grainger, giving us the opportunity to create high quality residential and office accommodation in an area that is highly desired. We have secured finance for the scheme, which is a strong endorsement, particularly in the current market of limited bank lending.
"Grainger has a strong track record with this type of development, building on our successful residential led, mixed-use scheme at Hornsey Road Baths. I am confident that Macaulay Walk will be another outstanding product that will appeal to homebuyers."
Source: FTI Consulting