Investec Structured Property Finance has agreed to provide a €52.19m (£46m) financing facility to Westbourne Capital Partners (“WCP”), a leading developer of high-quality residential homes in London, for the acquisition of a prominent 2-acre site in St John’s Wood, North London.
The finance package will support WCP through acquisition and planning, as it explores a number of options to vary the existing planning permission for 128 residential units, in this prime London neighbourhood. There are a number of options for the land including the delivery of a luxury retirement scheme, delivery of student housing, or working in partnership with local hospitals to provide either much needed office space, or a step-down facility, which allows patients to leave hospital but still receive full-time medical care.
The development occupies one of London’s most sought-after sites, on the border of Regent’s Park and adjacent to the world-famous Lord’s Cricket Ground. Additionally, the Wellington Hospital Platinum Care Unit is less than 500 metres away. It benefits from excellent transport links with the West End easily reached by road and tube.
Simon Brooks at Investec Structured Property Finance commented: “Despite wider market uncertainty, we continue to be proactive in supporting our clients where they see opportunities. By leveraging our long-standing relationships, moving quickly and being innovative, we are able to offer clients both certainty and commerciality.The opportunity to collaborate once again with Westbourne Capital Partners on this transaction complements this approach and we look forward to working with them to take the scheme forward through the planning process next year and delivering London another exciting development.”
Johnny Sandelson, Partner at Wellesbourne Capital Partners, added: “We are pleased to be acquiring a site which offers huge potential for a number of different land uses and which we are confident of being able to extract considerable value. The importance of having a Bank alongside us that really understands the intricacies of acquisition and planning finance is key on a scheme like this and Investec fits this bill perfectly.”
This is the second WCP scheme that Investec has financed, having earlier this year provided a €62.4m (£55m) facility for the development of 55 later life residential apartments and in excess of 30,000 ft² of state-of-the-art amenity space in Chelsea, South West London.