Shortlisted for Debt Advisor of the Year in the Real Estate Capital 2018 Awards

London:

Oaknorth funds £10m Fulham Town Hall acquisition

Oaknorth has loaned £10m to Ziser London to acquire Fulham Town Hall.

Located on London’s Fulham Road, Fulham Town Hall was designed by George Edwards and built between 1888 and 1890.

Ziser London will buy the grade II star listed 51,350 sq ft building from a private vendor with plans to turn it into a hotel with restaurants, an event space and a spa, while keeping the building’s original features.

Located on London’s Fulham Road, Fulham Town Hall was designed by George Edwards and built between 1888 and 1890. It was extended between 1904 and 1905, for a cost of £30,000 at the time.

The idea of transforming the town hall into a hotel has been mooted for a long time. A feasibility study was conducted the local authority in 2011 to see whether selling the building to a developer would help to reduce the £133m historic debt burden.

Joanne Barnett, director at BBS Capital, the debt advisor that advised Ziser, said: “Arranging the finance had the potential to be challenging because planning permission to transform Fulham Town Hall into a hotel has not yet been granted. However, OakNorth understood the vision and opportunity enabling us to secure funding to support the purchase of the property for our client.”

Priya Harley, debt finance director at Oaknorth, said: “Once completed, this site will be a landmark property in London, so we’re delighted to be assisting the team and look forward to working with them on additional projects in the future.”

By Mitchell Labiak

View the article on Property Week

Back to news page