Hypo Real Estate Bank International has announced that it has provided a £41.6 million, 5 year facility to Ebble Developments to part finance the redevelopment of 70 Chancery Lane, London, WC2. The deal was signed on 4th November 2005.
Ebble plan to demolish most of the existing 72,200 ft² building (only retaining the Chancery Lane and part of the High Holborn façade ), lower the basement slab and add additional floors to create a new, mixed use development with a proposed net total floor area of 79,096 ft² (7,348 m2), 110,086 ft² (10,227 m2) gross.
The office element will be accessed from Chancery Lane and will offer modern air conditioned space arranged around a central core capable of multi or single occupation and open plan or cellular layout. There will be retail units ranging in size from 925 ft² to 5,274 ft², four fronting High Holborn, two Chancery Lane and one Southampton buildings. The residential units will be split between 5 studio and 5 one bed apartments and will be housed in a separate building.
Commenting, Harin Thaker, CEO - Europe, said: "We are delighted to have been able to work closely with our customer to provide a tailored finance solution that met all of the needs of a complex project."
Barry Osilaja, a Director at Jones Lang LaSalle Corporate Finance, financial advisers to Ebble Developments, commented: "Working in conjunction with Hypo Real Estate Bank International, Jones Lang LaSalle Corporate Finance was able to source and negotiate this flexible financing for Ebble, allowing the company to secure the future of this important Mid Town mixed-use development."
Source: Hypo Real Estate