- OakNorth has completed a transaction with Westcombe Group, a leading property developer established for over 50 years focused on luxury developments in London;
- The finance will be used to develop several residential properties in Isleworth in the London Borough of Hounslow and Northwood in the London Borough of Hillingdon;
- The properties will be focused on the downsizer and first time buyer market, as well as families with young children in the local area;
- Although primarily focused on the development of residential properties, Westcombe Group also has a hospitality arm called Acre Hotels which has 4 hotel projects in its development pipeline.
OakNorth – the bank for entrepreneurs, by entrepreneurs – has completed a £16.7m loan to Westcombe Group, a leading London property developer that has successfully completed a substantial number of schemes since 1970 all with the M25 and central London.
The company will use the capital for two residential developments – one Isleworth in the London borough of Hounslow and the other in Northwood in the London borough of Hillingdon. The Isleworth development – Saracen House – will see the property converted from eight one bed-room units and four two bed-room units into 12 one-bedroom units and five two-bedroom units. Each of the units will be designed for the downsizer and first-time buyer market, with the property also offering views of the river Thames, as well as good transport links into central London.
The development in the affluent area of Northwood will see the conversion of Aldis House and Wetherby House into 26 residential units, including 17 two-bedroom and nine three-bedroom flats, as well as the application for planning permission for three additional units. These properties should appeal to families with young children in the local area, with surrounding locations including Hatch end and Watford, as well as Northwood underground station less than 1km away.
Kamal Pankhania, Director at Westcombe Group, commented: “Our developments in both Isleworth and Northwood are aimed at those looking to downsize or buy their first homes in an affluent and green part of the capital. We’ve built a great working relationship with OakNorth over the years and this latest deal will help us continue to expand and strengthen our reputation as one of London’s foremost luxury developers.”
Priya Chauhan, Debt Finance Director at OakNorth commented: “The team at Westcombe Group have an extensive track record having successfully completed dozens of projects, including the restoration and conversion of listed buildings into luxury homes for modern living. They are able to identify up-and-coming areas of the capital where these types of developments will appeal to a growing affluent market. These people want the combination of a high-quality and spacious home, without having to travel for hours to get into the city centre. We’re delighted to be supporting Westcombe on these developments and look forward to working with them in the future.”