Real estate funding specialist ASK Partners (“ASK”) and OakNorth Bank, the UK bank for entrepreneurs, by entrepreneurs, have provided a £44.5m senior development and acquisition loan to privately owned property development company Sheen Lane Developments, to fund the acquisition and refurbishment of a former department store.
The acquired 0.5-acre site located in the well-connected, affluent west London submarket of Richmond, is a freehold, 61,000sqft former House of Fraser department store which includes further adjacent retail space along Paved Court, making a total of 75,528sqft. Acquired with vacant possession, the site holds a prominent high street position and has planning consent in place for extensive refurbishment to create a mixed-use retail and office development.
The exceptionally experienced Richmond-based developer, Sheen Lane Developments, intends to deliver a landmark mixed-use commercial scheme and will apply to the Local Authority to change the consented use class to Class E, broadening the tenant mix of the scheme to include a health club and restaurants. The intention of these planning amends is to enable the delivery of a best in class commercial and leisure focal point for Richmond, whilst improving the public realm at this key intersection between the high street, Richmond Green and Richmond Riverside.
Martin Tynan, Director at Sheen Lane Developments said,
“We are delighted to have made this acquisition with financing from ASK and OakNorth Bank. This building is of great importance to the vitality of Richmond town centre, and we have a great tenant line-up looking to take occupation in 2023. We look forward to working with the Local Authority to realise the potential of this building to reinvigorate this end of the high street and retain Richmond’s competitiveness as a commercial and leisure destination.
Elliot Blatt, Investment Manager at ASK added,
“From a finance perspective we were very happy to work with Sheen Lane. The company has an excellent reputation and they have a strong business plan and well-thought strategy for this scheme. I believe their scheme will make a great contribution to the public realm.”
Hemesh Patel, Director of Property Finance at OakNorth Bank, said,
“OakNorth Bank is always thrilled to partner alongside ASK to deliver specialist finance solutions for the UK’s real estate industry. The site in Richmond has excellent prospects and we look forward to watching the refurbishments take shape moving forward.”
###Ends###
Notes to editors:
About ASK Partners
ASK is a specialist, independent property lender, established by an experienced team of three partners in 2016 to provide bespoke and flexible real estate finance solutions. Building a team to complement their own unique blend of skills, they have now lent in excess of £900m across over 90 transactions. Every transaction is underwritten by ASK and the company has earned a reputation as a trustworthy partner.
Contact
Press liaison: Naomi King
07785 541160
Tel: 020 3976 6700
Email: [email protected]
Address: 35 Harley Street, London W1G 9QU
Website: www.askpartners.co.uk
Twitter: @ASKPartnersLtd
LinkedIn: ASKPartners
About OakNorth Bank plc
Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.
Since its launch, the bank has:
- Lent over £7.5B, directly helping with the creation of 34,000 new jobs and 25,000 new homes across the UK.
- Raised deposits from c.160,000 savers.
- Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Tom Pavey-Smith, Associate Director – Growth & Communications: [email protected] / 0791 716 5588
About Sheen Lane Developments Ltd
Sheen Lane Developments is a privately owned property development company based in Richmond. Since our formation in 2013, Sheen Lane have delivered over 2,200 residential units across 41 residential schemes in London and the south east, with a combined Gross Development Value in excess of £875 million.
Whilst specialising in the development of high quality residential led schemes, Sheen Lane have assembled a team of highly qualified professionals with expertise in construction, architecture and development, enabling the company to approach and deliver a variety of construction projects.
For full details of any past or live Sheen Lane Developments scheme, we would encourage you to visit our website (www.sheenlane.co.uk).
Andrew Cooper – Development Director
07725 831 286