London:
  • Asset:

    Blackfriars Crown Court

  • Loan Amount:

    £45m

  • Year:

    2020

  • Client:

    UK Fund

  • Client had agreed to acquire these law courts in Southwark from the Ministry of Justice.
  • Business plan was to obtain planning and redevelop this 1.4 acre freehold site into a state of the art office led scheme
  • An initial acquisition facility was initially required with a development facility to be added at a later date once planning had been achieved and the development metrics fixed.
  • Lenders were asked to take a view that change of use from D1 would be forth coming and what massing would be achievable for the new scheme. The asset was also vacant.
  • After running a competitive process with a number of interest parties we closed the financing with a discreet private family office.