Office to Residential Conversion
- Experienced residential developer acquired three office buildings located in Uxbridge.
- The buildings have Permitted Development Rights to convert 130,000 sq ft of residential accommodation split across the 3 buildings.
- Building 1 was ready for development works to start immediately.
- Buildings 2 and 3 are currently occupied by a tenant until 2020 and redevelopment will commence immediately after.
- We structured two loan facilities, with two different lenders, enabling the client to acquire the whole office campus whilst commencing the development works at different times.
- Facility 1 was a £28.5m loan facility to part fund the acquisition, fund the construction costs and roll up the interest for the development of Building 1.
- Facility 2 was a £14m short term loan to part fund the acquisition of Buildings 2 and Building 3 and bridge the period until the building is vacant and development works can commence.
- See “Press” section of our website for further details.